Penningtons Manches has reported another year of standout results with an increase in net profits of 23% from £14 million to £17.2 million, and enhanced turnover of almost 10% from £69.6 million to £76.1 million. Total profit increased by 10% year on year from £24.8 million to £27.3 million.
The 2017-18 results mark the ninth consecutive year of growth for the firm and follows its best ever performance in 2016-17. Over the last two financial years the firm has achieved a 24% rise in turnover and an 83% increase in net profits.
The firm also revealed that revenue from its top 50 clients increased by more than 9% year on year, in testament to its continuing efforts to improve the overall strength of its underlying client base.
Key sectors, including private wealth, technology and real estate, saw continued growth in fee income, with the supporting practice areas all delivering strong performances.
David Raine, Penningtons Manches CEO, said: “We are absolutely delighted with what has been another very successful 12 months. Whilst growth has continued to come from our traditional areas of strength we are particularly pleased that more recently established teams such as charities and group actions have performed very well in highly competitive markets.”
He added: “Our focus on developing a thriving client base in each of our core sectors continues to bear fruit, as does our ongoing investment in key strategic hires and supporting infrastructure. Technology is also, of course, a vital component of the firm’s growth strategy: we are committed to intensifying related investments over the next few years as we seek to exploit the opportunities provided by AI and related technologies.
“The past year has also been notable for a sizeable uplift in investment in proprietary data and research reports to support high level commentary and market outreach, particularly in the tech space. Client engagement has been extremely positive and we will continue to build capacity in this area.”