Law firm's strong results
Shepherd & Wedderburn reports record results
The rise in income from £38 million to a record £48m followed the acquisition of Tods Murray in October.
It took on the business and assets of the 158-year old firm which plunged into administration following falling revenues and exposure to volatile property and finance markets. Even without that deal growth at Shepherd and Wedderburn would have been close to 11%, taking it above £40m.
Profit leapt by more than a quarter to £18m, providing a 21% rise in profit per equity partner from £278,000 to £335,00.
Gibb said said that the underlying business had shown good growth across a number of sectors. The firm’s largest – energy and natural resources – was up 18%, while real estate and infrastructure rose by 26% and financial services by about 21%.
The corporate team generated an extra 24% in revenues after working on a number of big deals including the sale of Edinburgh-based Wolfson Microelectronics to US rival Cirrus logic.