Group Income Rises again at Irwin Mitchell
18th August 2014
Further growth predicted as investment to continue Leading national law firm Irwin Mitchell announces another year of growth with further investment planned in the business to drive forward its strategic plans.
Revealing the Group's[1] financial performance for the 2013/14 financial year, Group Chief Executive Andrew Tucker said income had risen by 1.2% to £202.7m, building on the previous financial year when income exceeded the £200m mark for the first time (12/13: £200.3m). Growth in income was seen in a number of areas across the Group, including its expanding Business Legal Services division, multi-track Personal Injury (PI) and in Group companies Ascent and Irwin Mitchell Asset Management Ltd (IMAML), offsetting the impact of law reform in its Motor team and some PI areas as medium-term plans to rebalance the overall business progressed. Profit before tax fell in the year to £17.1m (12/13: £18.7m) due to the short-term impact of the sale of the Group's Spanish business Irwin Mitchell Abogados in September 2013 and due to continued investment including the opening of the first of two new regional offices in Southampton, with a second opening in Cambridge after the end of the financial year, and in a high-level recruitment campaign which saw 26 Partner-level lateral hires in 2013/14[2]. Group Chief Executive Andrew Tucker said: -This has been another year when we have continued to grow our business while making substantial investment for the future. -Growth has come from across our Group and we are in a strong position financially to continue to invest in the future of our business as we look to expand further. -We have opened two new offices this year in Southampton and Cambridge, continued our recruitment drive to add to the high quality offering we already have in place, and made five acquisitions since we became an ABS in 2012. -We have clear plans in place to grow our business further and secured a finance package with our banks in 2013/14 to fund future growth which was a clear vote of confidence in our financial strength and our plans.
