Shakespeare Martineau turnover has slipped 5.8 per cent to £71m in its first financial results since the merger of Shakespeares and SGH Martineau last June.
During the 2014/15 financial year midlands-headquartered Shakespeares saw its revenue fall by 2 per cent from £50m to £49m.
During the same period SGH Martineau saw its turnover fall by 3.4 per cent from £27.5m to £26.5m. Over a five-year period the firm’s turnover had fallen by 12.8 per cent from a high of £30.4m.
Shakespeare Martineau’s net profit now stands at £20.4m and average profit per equity partner (PEP) is £235,000. The firm’s PEP has increased slightly from legacy Shakespeares’ 2014/15 PEP of £225,000.
The firm’s equity spread ranges from £175,000 to £320,000.
Property brought in the lion’s share of the firm’s revenue last year and generated £21.3m, or 30 per cent of total turnover. Corporate was the next biggest practice accounting for 19 per cent (£13.5m), while finance work brought in 16 per cent (£11.4m).
Three months after the merger took place Shakespeare Martineau announced it had started a redundancy consultation that put 45 jobs at risk. The majority of the roles affected were in the firm’s business support teams in Birmingham but a number of jobs in London were also cut.
The merger was the eighth to be carried out by Shakespeares in nine years following an aggressive expansion strategy, which was begun by former managing partner Paul Wilson. This is the first merger to be carried out by Andy Raynor who is now CEO of Shakespeare Martineau.
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