Pretax profits per member jumped 21% at international firm DAC Beachcroft in 2015-16, despite revenues growing by just 2%.
According to preliminary results released today, profits before tax per member (PEP) reached £358,000 in the year ending 30 April 2016, while profits before tax rose 9% to £35m. Revenues rose 2% to £202m.
DAC Beachcroft also announced that lock-up fell by 4% to 143 days, which it said would reduce the investment in working capital and help to cut net debt, which fell by £5m to £20m in 2015-16.
David Pollitt, managing partner, said the results reflected the firm’s focus on ‘performance improvement’.
He said: ‘Each of the key financial metrics shows further improvement with record turnover, a significant increase in profitability and profit per member, ongoing improvement in working capital management and the further significant reduction of our net debt. Overall, they provide a strong platform for our future ambitions.'