Commercial firm Hill Dickinson has announced a healthy set of financial results, with profit per equity partner (PEP) and net profit on the rise.
According to figures for the year ending 30 April 2019, net profit grew by 7% to £16.8m and PEP increased by 26% to £370,000. Total revenue fell by 7%, however, from £96.8m to £90.45m.
On a like-for-like basis however – which ignores the impact of part of the business that was sold last year – turnover grew by 10% and profit was up 20%. Hill Dickinson sold its insurance practice to national firm Keoghs in February 2018. Under the deal, 17 partners and 311 of the firm’s staff moved to Keoghs.
Hill Dickinson CEO Peter Jackson said: ‘Our financial results for 2018-19 have exceeded all our expectations. The fact that we have already made up a significant proportion of the turnover gap created by the sale of our insurance group in 2017 to Keoghs, and that profits are already running at materially higher levels feels particularly significant.
'That said, we are ever-mindful that we practise law in an extremely competitive market and that to continue to succeed we must remain focused on our clients and on building a sustainable, profitable business.'