UK top 50 firms expected to report flat revenues and profits
The top 50 firms in the UK are predicted to report flat revenues and profits in the 2010/11 financial year, according to Jomati consultant Tony Williams and independent consultant Nick Jarrett-Kerr.
Jarrett-Kerr said that ‘better-managed’ firms – which cut underperforming partners in 2009 and 2010 – will now look to cut moderate performers from their ranks.
Both Willims and Jarrett-Kerr agreed that there was no real sign of recovery in the last financial year, but that a sustained recovery might begin after the summer.
Williams said: 'Firms may have more work, but there is a lot of pressure on pricing. And the big corporates’ balance sheets may look pretty good, but they’re spending it on buying back shares rather than doing new deals.’
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