Macfarlanes posts 24% enhance in PEP to £2.6m for 2023-24 as turnover climbs almost 14%
Macfarlanes has launched its newest monetary outcomes, reporting income of £309.1m and working revenue of £174m for an 11-month interval ending 31 March 2024.
Annualised outcomes present turnover elevated 13.7%, whereas working revenue climbed 23% on the earlier monetary 12 months.
Revenue per fairness associate, which was labored out for a comparative 11-month interval, soared 23.8% to £2.6 million – a brand new excessive for Macfarlanes and a outcome that comes after the agency final 12 months reported a 16% decline in PEP towards a 6% dip in revenue.
Macfarlanes confirmed that it has introduced its monetary year-end ahead to convey it in step with the UK tax 12 months after HMRC modified its foundation interval guidelines to tax all self-employed people and partnerships on the premise of the tax 12 months slightly than their particular person monetary year-end – a change that has sophisticated monetary reporting this 12 months for plenty of UK companies together with Fieldfisher.
‘We had been lucky that our mixture of practices noticed excessive demand in 2023-24 in a difficult atmosphere’, mentioned senior associate Sebastian Prichard Jones in an announcement. ‘We noticed significantly robust performances from our transactional practices, particularly with shoppers working within the monetary providers house. Our skill to function within the overlap between entrepeneurs and their companies stood us in good stead.’
He continued: ‘Our litigation and investigations observe, which has doubled in measurement over the past ten years, loved a report 12 months. Our market main personal consumer and tax practices noticed extraordinary demand and we anticipate this to proceed.
‘Our thanks go to our shoppers for persevering with to belief us with their mandates and to our folks for his or her contribution to the continued success of the agency.’
Trying forward, Macfarlanes will return to a 12 -month monetary 12 months finish working 1 April-31 March, with new companions to be made up every year on 1 April.
alexander.ryan@legalbusiness.co.uk
