Acquisitions drive revenue and profits at Linder Myers
LAW firm Linder Myers Solicitors has reported a surge in profits and revenue on the back of a clutch of acquisitions in Manchester, Lancashire, Cheshire and Shropshire.
The Manchester firm’s end of year results to 30th November 2012 show a 91% leap in operating profits from £2.4m to £4.6m. Turnover rose 57% to £15.9m which included the pre-pack acquisition in December 2011 of Manchester firm Rowland Field Cunningham.
This was followed by Shropshire’s Turnbull Garrard in April 2012 which doubled Linder Myers’ turnover in the region and a busy early autumn 2012 adding the SNG Commercial team in Manchester, merging with Senior Calveley in Lancashire and marked its first entry into the Cheshire market with a merger with Drummonds.
The acquisitions – for a total of £2.1m – added £5.3m to the the firm’s turnover. Employee numbers increased from 165 to 228 and the number of fee earners from 62 to 85.
The firm’s accounts, recently filed at Companies House say the number of members of the LLP rose from 32 to 46 and average profit per member from £69,850 to £93,811.
Profit for the financial year before members’ remuneration and profit share from from £2.2m to £4.3m.
Managing partner Bernard Seymour said in a statement: “The figures are encouraging and in line with our growth strategy as we continue to strengthen the practice both in our existing locations and in new markets.
“Organic growth has accounted for nearly 5% of the increase in turnover with the key drivers being our clinical negligence and trust & estates departments with respective year-on-year revenue increases of 36% and 22%.
“Our profit margin has also increased to 27% over the same period and the business continues to go from strength to strength. Despite an undeniably challenging environment, we remain confident in reaching our annual fee income target of £25m by 2015 with a continued focus on growth in key regions merging with firms with long established reputations both in their specialist fields and local markets.”
The firm said its commercial property team more than doubled its revenue while its residential conveyancing department almost trebled. Personal injury and occupational disease generated a 93% fee income increase while revenue to its family team rose by 75%.
In the current year, highlights have included hiring three experienced corporate partner Paul Johnson and Sean Fitzgerald in April and Victoria Zivkovic in June and on the M&A front acquiring Dickson Haslam in Lancashire in another pre-pack administration deal.
Net debt at the year end was £6.9m, compared with £6.2m at the end of November 2011.
