Profit before partner remuneration at Weightmans climbed above £30m ahead of last June’s merger with RadcliffesLeBrasseur, while income passed the £100m mark, new figures have revealed.
The national firm announced last year that net profit increased by 25% from £9m to £11.3m in the 12-month period ended 30 April, after making a £1.5m bonus award to staff. But accounts newly filed at Companies House contain more bullish numbers.
Profit for the financial year after tax, but before members’ remuneration and profit shares, climbed from £29m in the previous year to £30.7m. Turnover rose from £94.7m to £102.1m.
In its members’ report, Weightmans notes that 2021/22 was a year disrupted by the pandemic, with much of it taken up by full-time home working. In May the firm added a seventh business line - health - to its existing key segments of built environment, corporates, insurance, owner-managed businesses, individuals and public bodies. ESG, and technology and innovation are identified as priorities for 2022/23.
The firm ended the financial year with 1,023 fee-earners and support staff, and 182 members (2021 - 181). The highest-paid member drew £393,000, up from £313,000 in 2021.
Managing partner John Schorah said last year that Weightmans’ merger with RadcliffesLeBrasseur would 'contribute significantly to the depth and breadth of services we offer to clients across the UK’, adding ’a very significant presence in London and in all our client markets’.
Weightmans has a £17m three-year revolving credit facility with Lloyds Bank which commenced in December 2020 - of which £1.5m had been drawn by the accounting year-end.
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