Revenues and profits rise at legal and financial advisory group
Irwin Mitchell has announced an 11th consecutive year of growth for the 2020-21 financial year.
Turnover rose to £275.8m (up 2% from £269.3m) with profit-before-tax also up to £34.8m (up 47% from £23.7m).
The Sheffield and Leeds-based legal and financial advice firm says the results reflect the benefit of a range of cost saving measures to mitigate the impact of COVID-19 as well as the higher revenue.
Its cash generation was also strong and debt collection has improved over the same period.
Throughout the year Irwin Mitchell paid back its furlough funds to the Government, as a result of the good performance of Irwin Mitchell LLP and Coris.
The firm also introduced its “Flexible by Choice” ways of working, allowing colleagues to work when and where they want subject to client and role commitments.
Andrew Tucker, chief executive officer, said: “This was a year of strong financial and operational delivery for Irwin Mitchell.
“Our performance was a testament to the resilience of our cash generative business model, the benefit of our prudent financial management approach which helped to mitigate the impact of COVID-19 and the brilliant response of our colleagues in delivering outstanding client services.
“I would like to extend my personal thanks to all our colleagues for their passion, dedication and hard work over the past year in continuing to deliver exceptional client experiences as evidenced through the numerous awards we have achieved this year.
“With early indications that the UK is now showing signs of recovery from the pandemic, we look forward to a bright year and future ahead as we maintain our pursuit of delivering sustainable value for all our stakeholders.”
Across the firm’s legal services teams the complex personal injury team delivered strong year-on-year revenue growth while the teams servicing business and private wealth clients continued to perform well in FY21.
Outside of legal services Irwin Mitchell grew its assets under management by 20% to £946.5m.
It says this demonstrates new business growth and good client retention for the group’s wealth management and financial planning team.
Irwin Mitchell has recently appointed two new Employment Law partners Danielle Parsons and Deborah Casale from Slater and Gordon as well as tax, trusts and estates specialist Thomas Wainman from Wrigleys.
The group’s Wealth Management team has also added financial planning industry expert David Austin as a non-executive director to its board.