Maclay Murray & Spens posts 5.4% drop in revenue while PEP soars by 20.5%

Scottish firm Maclay Murray & Spens has followed the trend in posting a drop in revenues over a rise in profits per equity partner in the 2009-10 financial year. Profits per equity partner rose by 20.5% to £265,000, up from £220,000 last year. Revenue fell by 5.4% to £52.5 million, down from £55.5 million last year. Net profit increased by 15% to £15.2 million, up from £13.2 million last year. The firm’s chief executive Magnus Swanson said: "These results are a reflection of the outstanding work done for our clients in a very difficult business environment and the fact we have taken a number of steps to control our cost base so as to ensure the firm is in a strong position to benefit from an upturn in the market.”

Maclay Murray & Spens posts 5.4% drop in revenue while PEP soars by 20.5% legalweek.com Mon, Jul 19, 2010