Gillespie Macandrew picks up after revenue drops
Robert Campbell-Graham: mitigating actions
Scottish law firm Gillespie Macandrew saw revenue dip in the last year, ending eight consecutive years of growth.
The firm said income in the 12 months to the end of February came in at £13.5 million against £14.4m in the previous year.
It said it had been “adversely affected” in the initial months of lockdown, particularly in relation to its property and court-related work where external factors meant that these markets failed to function normally.
From early autumn onwards, overall business levels for the second half of the financial year returned to pre-pandemic levels.
Mitigating actions taken during the initial months of lockdown, coupled with the stronger trading environment in the latter part of the year, resulted in a rise in profits of £3.9m before members’ remuneration (2020 – £3.5m).
The firm managed to maintain its strong year-end cash position after further significant investment in its IT infrastructure, equipping the firm fully for modern agile and business resilient working practices.
Chief executive Robert Graham-Campbell said: “We have delivered another set of strong financial results despite challenging conditions across the sector and for our clients, especially in the initial few months of lockdown.