Dundas & Wilson has today (18 June) unveiled its financial results for 2006-07, with the big four Scots firm posting static profitability but solid revenue growth.
Fee income rose by 15% to £60.8m, up from £53m during 2005-06, although profits per equity partner (PEP) remained at last year’s mark of £308,000. Net profit at the 83-partner firm, which operates an all-equity partnership, inched up by 4% to £22.1m.
Dundas management pointed to a period of sustained investment in London as a factor in the flat profits, with the firm having boosted its City headcount from 100 to around 150 over the last 12 months. That included senior hires such as those of Herbert Smith property litigation head Martin Thomas and Lawrence Graham insolvency veteran John Verrill, whose move signalled the launch of Dundas’ new City restructuring practice.
Dundas joint managing partner Donald Shaw said: “We fully intend to continue building for the medium to long-term to strengthen our position….with increased visibility and presence in London. London is an exciting market for Dundas, where we can continue to build on our strong reputation with our great clients.”
Meanwhile, big four Scots rivals McGrigors and Shepherd & Wedderburn have also unveiled their provisional results for 2006-07. McGrigors, whose financial year runs to September, posted annualised revenues of £60m, up 15% from last year, with more than a third of the top 50 UK firm’s revenues coming from its City office. PEP surged 16% to hit £320,000, up from £275,000 last year.
Last week Shepherds announced a 14% increase in annual fee income to hit £39m, up from £34.6m last year.
