Uptick in profits for Harper Macleod in last financial year
Harper Macleod recorded a small increase in profits in its last financial year, despite the onset of the pandemic in the final weeks of trading.
In its latest accounts filed at Companies House, the firm said it had met all of its strategic aims for the year to March 2020.
Turnover at the firm rose to £30.8 million, up from £29m while profits for the 69 designated members stood at £11.1m, up from £11m.
“Our guiding key principles to meet the ongoing challenges of the pandemic have been liquidity, solvency and long-term sustainability of the business,” the members’ report states.
“To deliver on these principles we have: carefully reviewed and reduced our discretionary expenditure; we have utilised the government’s job retention scheme as well as managing overall remuneration costs; and reduced partner drawings to aid cash flow.
“All the evidence to date supports our confidence that we will emerge from this health crisis in a very strong position to meet market challenges and to continue to increase market share.”
The results period included the September 2019 acquisition of Wink & Mackenzie, one of the oldest law firms in Moray. The move led to the addition of two partners and 15 staff to the firm.