LG reports 9% drop in revenue, 10% drop in PEP
LG has reported a 9 per cent drop in revenue in the 2010-11 financial year, from £64.9m to to £59m. In the same period the firm saw a 10 per cent drop in average profit per equity partner from £460,00 to £412,000. Net profit at the firm in 2010-11 was £15.2m, down 19 per cent from £18.8m the previous year.
These figures must, however, be put in context. In fact, the 2009-10 financial year was very strong for the firm, with PEP rising 63 per cent from £281,000 to £460,000, while turnover was up 8 per cent.
Managing partner Hugh Maule said: “We’re continuing to invest in our key practice areas and are confident of holding our market position in the forthcoming year with a good pipeline of deals across the firm, notwithstanding the prevailing economic conditions.”
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