Law firm posts 23% growth in annual results
Corporate law firm Addleshaw Goddard has posted record revenue and profits for its latest financial year.
The group, with an office in Manchester’s St Peter’s Square, announced global revenue of £242m, representing year-on-year growth of 23%, up from £197m in 2016/17, with a fourth year of profit growth to £87m, representing a 36% increase on last year.
Around 80% of revenue is generated through a focus on eight core sectors: Digital, energy and utilities, financial services, health, industrials, real estate, retail and consumer and transport.
Financial services remains the firm’s biggest sector.
Today’s results reveal that retail and consumer, real estate and digital recorded the biggest income growth in 2017/18.
It also showed that the firm’s cash position remains very strong, exiting the year with reserves of more than £34m, notwithstanding an ongoing programme of investment in people and infrastructure.
Managing partner, John Joyce, said: “After another excellent year, income is now nearly 50% greater than 2013, continuing the upward trajectory of the last four years in terms of higher revenues, improved profitability and stronger cash position.
“This has been driven most recently by our successful expansion into Scotland, ongoing investment in priority sectors and global infrastructure as well as in the further development of our intelligent delivery model, all of which is helping us to better support and service clients.
“Alongside new mandates and panel positions, it is particularly pleasing to see organic growth in key areas such as corporate and infrastructure which we will look to build out further this year, helped by the success we have enjoyed in adding substantially to the strength in depth of our partner team in the UK and internationally.”
He added: “They are all key developments and confidence has never been higher.
“The firm’s platform has never been better and with the platform we have created we retain huge ambition to build further on it.”
During the year Addleshaw Goddard has, globally, added 30 new partners, both laterally hired and internally promoted, including a six partner real estate team from Irwin Mitchell, in Manchester, plus DWFs national construction team.
Projects involving the Manchester office during the year included: Major real estate schemes in London Road Fire Station, Circle square, Class of 92 University project; Manchester Airport’s £1bn transformation programme; more than £3bn banking deals, including one deal of £500m+ and eight deals with a value of more than £200m, including The Hut Group, on the amendment and restatement of its £515,000,000 term and revolving facilities.
Others involved Bury-based JD Sports on its £422m acquisition of American retailer The Finish Line, investment by Inflexion in Radius Payment Solutions at a valuation of £800m, and the Road Haulage Association, regarding planned action that will see collective proceedings brought against truck manufacturers to recover damages resulting from a 14-year cartel.
