Maritime specialist Ince & Co has reported a 10% dip in revenue in the UK, while year-on-year turnover across the firm’s international offices was flat.
UK revenue for the year ending 30 April was £42.8m, down 10.8% from £48m in 2016/17. Across the firm’s international office’s turnover was flat inching up from £40.5m to £40.6m. It is significantly up on 2015/16 however, when the figure was £33.4m.
The firm did not provide profit or profit per equity partner (PEP) figures.
Last week Ince confirmed it would be making 32 roles redundant from its London office, with the future of three roles still at risk following an earlier consultation.
Of the redundancies, 25 are business services and seven are fee earners. A salaried partner is among those understood to have left. Within the three roles whose future is yet to be decided is a managing associate.
Jan Heuvels, international senior partner, said: ‘We performed well 2016-17 and despite the current uncertainty in the global transport and trade markets our latest financial results demonstrate the resilience of our firm. Our focus on internationalising the firm has enabled us to ensure that we have the best people in all the key geographical locations and markets where we have chosen to operate.’
Meanwhile, City firm Withers has reported a marginal decline in profit. Overall profit was £32.2m, down from £32.5m in 2016/17. PEP was slightly up however, from £381,000 to £420,000. Revenue also inched up, from £174.5m to £176m.