78% drop in profits for UK firm Clarke Wilmott
Clarke Wilmott has published accounts showing a drop in operating profit in 2009/10 of 78 per cent - from £13.3m to just £2.9m. The figure is inflated by the fact that the new accounting period was 11 months compared to the previous 13, but it is a huge drop nonetheless.
The accounts also reveal that the firm called on £1.89m in partner contributions last year (around £33,000 each) and secured a bank loan of £3.8m and an overdraft facility of £2m.
Chairman Stephen Rosser acknowledged that the past year has not been an easy period, but pointed out that the drop in profit was magnified by exceptional item increasing profits in the previous year. He said that since then things had picked up significantly, and that operating profit for the first six months of this year was already £3m, with turnover up at £18.5m - slightly ahead of budget.
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