Results: Cripps' profits up 50%; Fladgate partners hit £500k

The latest round of financial results provided more good cheer for firms around the country.


Regional firm Cobbetts posted a 7% growth in fee income for 2005/6 to £53.7 million, which the firm said came despite two non-core businesses - the Incasso debt recovery division and financial services in Birmingham - being spun out.


The firm has grown massively in recent years through merger in Leeds and Birmingham. In 2001/2, when Cobbetts was still a single-site practice in Manchester, turnover was £17.7 million and the partnership was 48 strong. It now has 140 members.


Managing partner Michael Shaw said: 'It is extremely encouraging to see organic growth at the firm during this transitional period. Rationalisation following the mergers is a lengthy process, but one that will be complete at the end of the year, following which we will fully see the benefits of our strategy.'


London firm Fladgate Fielder announced a 10% hike in turnover to £22.5 million, with profits per equity partner (PEP) hitting £500,000 - up a third in four years.


Chairman Paul Leese said the figures illustrated that the West End practice is 'once again outperforming much larger firms'. He added: 'We are particularly pleased that our efforts in recent years to develop a well-hedged practice are paying off.'


Leading Kent firm Cripps Harries Hall unveiled a 17% jump in income to £16.35 million, with net profit up 44% to £4.55 million and PEP climbing more than 50% to £187,000 (from £119,000 in 2004/5).


A year ago, the firm refocused its business along client industry sectors and managing partner Jonathan Denny said he had no doubt that the move had 're-energised business development across the firm'.


Private client was the single largest area of the reorganised firm, producing 23% of turnover. Next was property development (20%) and corporates (18%).