Irwin Mitchell reports 1.2% increase in revenue
Irwin Mitchell has reported a 1.2 per cent increase in revenue from £200.3m to £202.7m, following the 5.3 per cent revenue increase of the previous year. comments powered by Disqus
Meanwhile, profit before tax dropped by 8.5 per cent from £18.7m to £17.1m last year. The profit figure represents net of member remuneration, and is paid to the firm’s holding company, Irwin Mitchell Holdings, and then set aside to pay tax contributions and reinvest into the firm.
Recently appointed chief executive Andrew Tucker said that the firm’s business legal services (BLS) arm, which has received considerable investment since the firm restructured in 2012, turned over just in excess of £40m, amounting to roughly 20 per cent of total revenue.
Tucker said the growth had offset the inevitable downturn in its motor team and some PI areas as a result of the Legal Aid, Sentencing and Punishment of Offenders Act 2012.
Chief financial officer Andrew Merrick said: “We’re in an investment for growth cycle at the moment, our forward projection is for growth so both turnover and profit should be up this year.”