Berrymans posts 3% revenue rise as PEP falls 15% to £248k

Berrymans Lace Mawer has announced its 2011-12 financial results, with turnover climbing by 3% against a 15% drop in profits per equity partner (PEP).

The insurance firm saw revenues rise from £78.8m in 2010-11 to £81.2m this year, while PEP fell from £293,000 in 2010-11 to £248,000 for the last financial year.

Net profit came in at £15.1m, down 14% from £17.6m in 2010-11. London revenue also dropped over the last financial year, falling from £26.5m to £25.8m in 2011-12.

The results mark the fourth consecutive year firm-wide revenues have risen since Berrymans broke into the top 50 in 2009. In contrast PEP has fluctuated in recent years, surging by 32% in 2010-11 after an 11% drop the previous year.

News of Berrymans results comes after a number of panel wins for the firm during the last financial year, including a first-time appointment on the NHS Commercial Alliance panel in August last year, following the healthcare body’s review of eight of its panels.

Berrymans was also handed a role on a new legal services panel for healthcare purchaser HealthTrust Europe in September 2011.

The firm, which runs to a financial year end of 31 March, looks set to be gearing up for an expansive year, announcing the hire of a 33-strong personal injury team for its Southampton office from local firm Lamport Bassitt Solicitors in April 2012.