04:03, August 24 238 0

2017-08-24 04:03:09
Penningtons Manches posts double digit revenue hike in record year

Penningtons Manches has posted a 12 per cent increase in turnover and a rise in profits of almost 50 per cent for the 2016-17 financial year.

In what is the London firm’s eighth consecutive year of growth, fee income climbed from £61.6m to £69.6m while net profit rose from £9.4m to £14m.

The firm said in a press release that nearly all of its practice areas had posted increases, with several doing “exceptionally well”.

Penningtons Manches CEO David Raine said it had been “an incredible” 12 months.

“Whilst certain teams have done exceptionally well, all teams have contributed to help deliver these record-breaking results,” said Raine. “We continue to enhance our position across our three core sectors – private wealth, technology and real estate – by constantly reviewing and strengthening the services we provide through our specialist practice areas. This has included making strategic lateral hires over the last year in new areas such as reputation management and cyber security.”

Revenue from Penningtons Manches’ corporate team rose by 29 per cent thanks to a general increase in both the volume and value of deals on the back of a strong M&A market and a surge in instructions post-Brexit, the firm said.

It added that a “substantial and growing proportion” of these transactions were international, with a notable increase in capital markets work as well as a sharp rise in university spin-out deals.

Aggregate deal value was in excess of £1bn, with nearly 40 per cent of transactions coming in the technology sector and a quarter in life sciences and healthcare.

Commercial dispute resolution income from a group that includes UK and international litigation and arbitration as well professional negligence and reputation management rose by 28 per cent while the firm’s private wealth group also had an strong year with a number of high-value international instructions across the family and private client teams.

The firm also revealed that revenue from its top 50 clients increased by 20 per cent year on year.

Raine said: “The significant investments we’ve made in our office spaces, IT infrastructure and in our business development and knowledge teams have also paid dividends. Furthermore, we’ve gained from investing in talent and specialist resources across the board, and in bringing in leading individuals to drive the development of new disciplines.

“We’re very optimistic about continued growth in 2017-18 and maintaining the momentum of the last year.”