News In Focus
Gillespie Macandrew reports 2013-14 growth
Legal firm Gillespie Macandrew has reported improved revenue and profit figures in its last financial year, the 12 months ending 28 February 2014.
The practice, which has offices in Edinburgh and Perth, achieved turnover of £9.583m, up by over 4% on the previous year’s £9.2m, while operating profit rose by 3% to £2.745m, or an average of £124,000 per partner.
The figures show a recovery in turnover after a dip in 2012-13, while profit has consistently been around the £2.6-2.7m mark in recent years.
Growth took place across all sectors, most notably increase in the firm's land & rural business division, where turnover rose by over 20% to £1.97m. The private client, commercial, housebuilder and energy teams all contributed also, while the Perth office had its first full year in operation.
Managing partner Ian Turnbull commented: “We regard this as building on the progress demonstrated last year. It is a good, solid performance during a time of continuing challenge and change within the legal profession in Scotland.
“We are continuing to push ahead with our investment in good quality people at all levels and we are actively looking to recruit in several areas. For example, the private client team has done well, particularly on offering tax advice to clients, and we are looking to add to its personnel, both in Edinburgh and Perth, as well as reshaping our proposition to meet client demands and a changing market."
On the performance of the Perth office he added: “It is pleasing to report that in its first year of full operation it has delivered over £600,000 income, with some notable new clients. This includes a good mix of landed estates, farming and forestry clients and it has helped us extend geographically, north into Angus and west into Argyll. We will be continuing to invest in this office and aim to recruit personnel to build the private client team there."
He also said that the decision in 2011 to expand the housebuilder team had produced "a most encouraging return", and the firm had continued to invest in the sector, "not least by adding Murray Shaw as a partner last year".