Blackadders eyes £25m turnover and bid targets
Sottish law firm Blackadders says it is on course for a £25 million turnover by 2025/26 after reporting another year of growth and is considering acquisition targets, particularly in the central belt.
Turnover for 2022/23 grew by 9%, or more than £1m, to £16.7 million, with profit before members’ remuneration up 12% to £4.23m.
Performance in the second half of the year was particularly strong following the formation and bedding in of the new board and systems.
The results are the first reported under the new leadership team of joint managing partners Emma Gray and Ryan McKay who were appointed in August 2022.
Mr McKay said: “It was a challenging year but we managed to make early progress on a number of reorganisation initiatives in the firm and this has shown through to the bottom line.
“Trading conditions continued to be challenged by the fallout from Covid, the cost-of-living crisis and global conflicts.”
The Blackadders’ board has introduced a 5 by 25 Strategy to ensure the firm is as well
placed as it can be to benefit from any sustained upturn in the economy.
The five initiatives the firm is aiming to achieve by the end of the 2025/26 financial year are: to Increase turnover to £25m; achieve a profit margin of 35%; be regarded as an employer of choice in the industry; act as a destination lawyer for clients; and secure Blackadders’ position as a top five Scottish law firm.
Good progress has been made on all five initiatives and the board is confident of
meeting its targets, it said.