Profits slip as planned
Fifth income rise at Gillespie Macandrew
Profits at the Edinburgh-based practice fell by 2.9% from £2.86m in the previous year to £2.77m as expected on the back of a number of investments.
Over the year Gillespie Macandrew has expanded its offices outside the capital and made a number of appointments, including additions to its partner group. The firm has no external debt.
Chief executive Chris West (pictured) said: “We are very pleased with the top line growth of over 8% in a very competitive market.
“Following the record profit growth in 2015/2016 we budgeted for a lower profit in the past year as we had planned a number of investments.
“We have increased our staff numbers, taken additional space for growth in our Perth and Glasgow teams, continued our associate development programme and launched an all-staff bonus linked to the performance of the business as key elements of that investment, along with commencing the streamlining of our processes and updating our use of technology.”
Chairman Fiona Morton commented: “We have had another strong year of organic development in the business and have made good progress on our strategic aims, positioning us well for sustainable growth. We continue to invest in all of our people and to develop their skills, underpinning the next phase of our progress.
“The partners strongly believe in the need to develop the business for the medium rather than the short term.
“The changes in the legal services market have never been at a faster pace. This is an exciting and dynamic place to be and we feel we are strongly placed to continue to compete and to enhance and grow our business in the year ahead and beyond.”