News In Focus
Burness Paull reports 'steady' results
Burness Paull has announced what it describes as 'steady' results for the year ending 31 July 2017.
The company's annual turnover of £53.8M was up 1% from £53.3M the previous year. However, profit was down marginally on 2015/16 from £22.5M to £22M.
Commenting on the results, the firm's Chairman, Philip Rodney said: “We have delivered a steady financial performance in what has been a bumpy year for the Scottish economy. There will undoubtedly be more challenges to come as a result of the political and economic backdrop. However, there will be opportunities for those who are prepared to be bold and embrace the future.”
The firm has seen an increase in instructions across most sectors and has a three-year strategy to deliver growth across its Aberdeen, Edinburgh and Glasgow offices, and develop its international initiatives.
“The speed of change has never been greater. Our strategy builds on the successful platform that we have created. Growth will come from our agility in developing our service lines to support the changing needs of our clients both here and internationally. In particular, we anticipate increased activity in energy, technology and tax,” continued Mr. Rodney. “In planning for that, we have invested heavily in people and technology. This will enable us to develop our resource and provide operational efficiencies.”
In the last 12 months the firm has added eight partners. Lateral hires include Nicky Clemence, previously with Brodies, as partner in property and Jody Crockett joined as partner in dispute resolution from London-based magic circle firm Freshfields Bruckhaus Deringer. Among internal promotions, Lindsay Wallace became Burness Paull’s first general counsel.
“Scotland continues to produce exciting, dynamic businesses. It is increasingly attractive for inward investment - more so than any region outwith London. This year, for example, we have had instructions from new clients in the US, China, Norway and Israel,” said Mr. Rodney. “In addition, a substantial part of our practice is in acting for clients who are doing business beyond our boundaries.
“Closer to home, we are seeing real substance behind the creativity and technical innovation across the central belt and there are positive signs out of Aberdeen as the oil and gas sector adapts to the ‘new normal’.”