Profits at national practice Irwin Mitchel have dropped for a second year in succession, the firm reported today. Profit before tax in 2017/18 was £12.1m, down from £12.3m the previous year, due to a number of one-off costs which were designed to improve the business in the future.
Flat-lining profits come despite turnover increasing for the eighth successive year to £241.8m for 2017/18 – a figure which has grown by 3% over the past 12 months. The full financial results are expected to be published later this year.
Irwin Mitchell says it invested in its operations, technology and people over the course of 2017/18, highlighted by its moving 200 staff to new Manchester premises.
Andrew Tucker, group chief executive, said: ‘Our trading performance in the past year was very strong and we’re increasingly seeing all parts of our business working together to deliver the services our clients truly value whether that is related to business or their personal lives. More and more of our clients are using multiple services with us as they recognise that it makes sense to simplify their range of advisers.’
The firm has a long-established personal injury practice but opened a private wealth division 18 months ago and operates IM Asset Management, which now looks after funds valued at more than £600m.
The firm promoted 124 people during its latest partner and associate rounds and 54% of people at this level now are female.
Last year the firm reported that pre-tax profits fell from £12.4m the previous year after issues linked to the change in the discount rate for personal injury awards.