The City’s financial results season has got off to a sluggish start this year, with just one firm publishing its annual figures.
Magic circle firm Clifford Chance – which usually makes an announcement at the start of July – said it will reveal its results in the second half of the month, while Eversheds Sutherland and Bird & Bird have yet to finalise a date.
Freshfields, which unveiled its numbers on 3 July last year, has remained silent thus far, as has Linklaters. Allen & Overy said it will publish its results next week, as usual.
National firm Shoosmiths kicked off reporting season on Tuesday with an 11% rise in its net profit to £42.2m. Meanwhile profit per equity partner rose by 5% to £465,000 and revenue grew 12% year-on-year to £154.2m.
Peter Noyce, partner at accountancy firm Menzies LLP, said finance teams may have been busy ‘fire-fighting’ rather than preparing final year-end figures. With staff still on furlough or at risk of redundancy, firms may also be keen to avoid mixed messages over strong results and current trading, Noyce said.
It is unclear how big an impact coronavirus will have on this year’s City results, which usually cover the year ending 30 April. Uncertainty over work in progress values and possible bad debts could affect final figures however, and accounts may have to include the post-balance sheet impact of Covid-19.
Last year many firms published a buoyant set of figures, with profits rising at Linklaters, Simmons & Simmons, Allen & Overy and Baker McKenzie. Partner profits also continued to soar, with Macfarlanes bosses receiving £1.73m.