11:13, June 28 102 0

2017-06-28 11:13:06
Kennedys boosts global turnover by 8% as debt hits £20.3m

Kennedys has reported an eight per cent growth in global turnover, from £138.8m to £149.9m in its 2016/17 financial year results.

Investments in headcount and office openings have increased the firm’s debt to £20.3m (which is 13.5 per cent of the firm’s total revenue), up marginally from the 2015/16 figures.

These positive results are thanks in large part to the firm’s European presence, which grew by 118 per cent from £6.5m to £14.2m last year.

Relocations in Manchester and Dublin were well-received with the latter’s move to Bloodstone Building in September last year proving successful as the office posted a 41 per cent increase in turnover to £4.9m.

The firm has increased its global headcount by 10 per cent in the last year, including over 25 per cent more staff in Copenhagen since January 2016. In the last 12 months, the firm has merged with shipping outfit Waltons & Morse, adding a 28-strong team including five partners, one consultant and 13 other legal staff with the objective of creating a “£150m turnover business”. These latest figures show the firm has fallen short of that predicted figure.

The firm has also shown significant progress in Latin America recently with new offices in Brazil, Peru, Chile and Colombia. Kennedys opened its fifth office in the region earlier this year in Mexico and announced plans to expand its US presence with a further six offices.

This year’s figures are all from 30 April 2016 to 1 May 2017, meaning that any effects from the firm’s merger with US insurance firm Carroll McNulty & Kull will not be felt until next year’s results.

Kennedys senior partner Nick Thomas said: “The strength of our strategy in anticipating and delivering the right capabilities for clients globally, through appointments and strategic mergers, is evident in these figures.

“We have seen strong European financial growth this year as new office openings have matured, and we expect to see this replicated in other markets over the next year as office openings in those locations develop.

“Our plan as we head into the next financial year is to continue to be guided by our clients’ needs as we monitor markets for further growth opportunities.”

The firm has not yet formally gathered figures for PEP, although the 2015/16 figures place the firm at an average of £458,000.

Despite fluctuating global markets, Kennedys has reported strong financial performance over the last four years, achieving 28.1 per cent growth since 2012/13 when the firm reported turnover of £117m.