Trowers posts double-digit revenue increase as top line nears £100m mark

Trowers & Hamlins has announced a double-digit rise in turnover against a modest increase in profit per equity partner (PEP) for 2016-17.

The firm saw revenue grow 13.3% from £85.6m to £97m during the financial year, while PEP increased by 1% from £310,000 to £312,000.

Trowers also posted a 10% rise in net profit from £19.5m to £21.5m. Despite this, the firm’s equity range remained broadly flat, with the top at £450,000 and the bottom at £180,000.

This compares to a 7.9% rise in turnover for 2015-16 against a 4.9% drop in PEP.

Nearly half (45%) of fee income for the latest financial year came from the firm’s real estate practice. Key roles during the year including acting for real estate investment management company Apache Capital on a £145m tower development in Birmingham.

Senior partner Jennie Gubbins (pictured) said: “We have an established profile in the real estate sector, where we have focused on developing new client relationships while seeing increased instructions from existing clients on diverse projects.”

During the year, Trowers also retained its place on Transport for London’s (TfL) legal panel. The current line-up, which has been in place since late 2012, was due to be renewed last October. However, TfL opted to extend the terms of the firms on the roster until the end of 2017 or early 2018.