Addleshaw Goddard has announced fee income for the year ended 30 April 2015 of £192.5m, an increase of 12 per cent on the prior year.
Pending completion of the firm's audit, profit numbers will not be announced but the expectation is of an increase in PEP in excess of that percentage. The firm ended the year with no net debt in the business.
John Joyce, Managing Partner, said: "We are really pleased with the progress we have seen this year. Income is at the highest level since 2007/08, profitability has increased at a greater rate than turnover and we have ended the year in a positive cash position for the first time since 2009. That material improvement in our performance will also allow us to pay significant bonuses to our higher performers for the first time for a number of years."
He added: "There have been a number of things we wanted to address this year which we have done whilst still delivering great results and leaving the business in a significantly better place than it was 12 months ago. We also saw increased performance across the vast majority of our service lines but most notably in Corporate, in our Commercial Group and Litigation, and we saw some exceptional wins, higher value assignments and enhanced panel positions. The combination of those things leaves us really encouraged about our prospects for continued growth."
Over the last 12 months, the firm has retained and greatly improved its position and opportunity with many significant clients, developed its sector focus and expertise, both in areas of traditional strength for the firm such as Financial Services, Retail & Consumer, and Real Estate, and in other areas such as Energy, Transport and Digital.
The year's highlights included:
- New appointments and reappointments, including Royal Mail, BUPA, BP, Diageo, Sainsbury's, Clydesdale / Yorkshire Bank, MoD, Omani Qatari Telecommunications.
- Investment in key growth areas through 25 new partner appointments, laterally hired and internally promoted.
- 3 Sovereign Square confirmed as new Leeds office; construction due to complete in late 2016.
- Creation of Regional Heads roles in Asia and the UAE, to devolve and streamline decision making, encourage better integration, increase focus and penetration in location markets. Also formalised Office Heads in Leeds and Manchester.
- A US$1bn dispute : advising the Middle East’s largest property development company on one of the largest case currently in the Commercial Court.
- Royal Mail Group : a unique tie-up with Alibaba Group Holding Ltd's Tmall Global, connecting 302 million online Chinese consumers with virtual store fronts and payment portals.
- Helaba and Handelsbanken : £325m loan to Tesco BL Properties secured on a portfolio of Tesco tenanted properties
- AIM listed Clinigen : £225m acquisition of IDIS and the associated £135m vendor placing and new bank facilities.
- 1st initial public offering out of our Hong Kong office : advising the sponsor, Ample Capital Limited and the underwriters, Ample Orient Capital Limited and Convoy Investment Services Limited on the listing by Nga Chun Holdings Company Limited.
- Sainsbury's : strategic joint venture with Dansk Supermarket to create the new Netto grocery chain in the UK.
- Department for Transport : refranchise of the West Coast Main Line.
- A range of cross-border projects which showcase our international reach; e.g. advising Nigeria-based Seven Energy on a $255 million equity investment by Temasek and IFC, to develop Nigeria's booming domestic gas industry.