Thu, 08 Aug 2013 | MERGER
The turnover of a newly merged law firm has increased like-for-like since the two businesses joined forces.
Burness Paull reported a 3.1 per cent increase between the combined annual turnovers of Edinburgh-based Burness and Aberdeen-based Paull & Williamson in 2011-2012 and the turnover recorded in the last financial year. While there are no full-year figures, the company stated that the £25.8 million turnover from 1 December 2012 to the end of 31 July 2013 translates into an annualised turnover of £38.7 million.
Paul Rodney, chairman of the merged company, told the Herald Scotland that the firm was glad to see the increase, particularly given the current operating conditions. He said: “In a difficult market, where unfortunately many of our peers have slipped back, it is satisfying to see growth in our turnover. The reduction in profit was budgeted for and reflects the one off costs of our merger.”
Among the costs are the investment in the company's three offices, its rebranding expenses, redundancy pay, IT and consultancy. The company's profit dipped by around 1.6 per cent and worked out at an annual figure of £16.5 million.
Mr Rodney added that Burness Paull is planning to increase growth further in the 2013-2014 financial year, noting that he expects an increase in profits driven by the “synergies generated by the merger”.
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