National firm Irwin Mitchell says its profits have continued at expected levels after a post-acquisition dip.
The firm today reported pre-tax profits of £12.3m for the 2016/17 financial year - the first full year since its takeover of top-100 practice Thomas Eggar. The group posted £12.4m profits for the 2015/16 year.
Profits for the LLP dropped 59% to £8.4m in 2015/16 as the firm absorbed the costs associated with the merger, but the group’s focus on a number of sectors has ensured an upturn.
‘We made significant progress in a number of areas last year and I am excited about our prospects for the future,’ said group chief executive Andrew Tucker. ‘The group has responded positively to challenging external conditions and I’m pleased to say that this hard work is reflected in these financial results.’
Irwin Mitchell reports that its total group revenue for 2016/17 increased by 6.3% to £235.2m. The full results will be published later this year.
The firm says it had its best year for attracting new business to its personal injury division, and has overcome the problems linked to the change in the discount rate - namely some commercial insurers delaying settlements while they wait for possible reform.
The Irwin Mitchell Asset Management business now has more than £500m of assets under management, while its debt recovery subsidiary Ascent has secured a partnership with the Federation of Small Businesses to work for its members.
Tucker added: ‘I’m very optimistic about the opportunities across the group and our strength in breadth gives us a great platform to build on.’