West says firm 'competing effectively'
£10m fees breakthrough for Gillespie Macandrew
It marks a record year for the firm breaking through the £10m fee level for the first time, having seen a positive upward trend over the past four years.
During the past financial year the firm has continued to develop client services across its offices in Edinburgh, Glasgow and Perth.
Fee income has grown in particular in Private Client, Residential, Housebuilder, Commercial Property and Litigation services. The firm has no current borrowing and has increased its cash in the bank to £1.3m.
The practice has continued to focus on organic growth across its four offices.
During the financial year it appointed three partners – Agnes Mallon, Alan White and Fraser Leslie – and the number of staff employed rose from 101 to 112.
This reflects the firm’s ongoing recruitment plan, alongside an extensive management training programme designed to achieve strategic growth and retain its key teams.
Chairman, Murray Shaw said: “We have had a strong year building on the work we did in late 2014. Profits are higher than expected through our top-line growth while our costs didn’t grow as quickly as expected. This is largely due to longer timescales than anticipated in recruiting the right people to help us develop. We are delighted with our new recruits at all levels. This confirms we are right to take time to get the correct people for us.
“While we expect the coming year to continue to be highly competitive, we are again quietly confident that we will push forward with our overall growth plan. We have improved our cash management further though there is still more we can achieve – all of which stands us in excellent stead for the planned expansion of the business.’
Chief executive, Chris West (pictured), added: “We are delighted with the results which exceeded expectations for the first year of our latest plan. 2016 and 2017 will see us making further investments in partners, staff, training, our offices in Perth and Glasgow in particular, and in our processes and systems.
“We remain grateful for all our clients’ support and business throughout the year. The competition in our markets is strong and many of the firms are larger than we are at the moment. We are very pleased to be competing effectively with them in all areas of our business.”