Burness Paull records big jump in profits to July 2021

Burness Paull has recorded strong financial results as the recovery from COVID-19 takes effect, in its financial year ending 31 July 2021.

Turnover was up 19% to £72m, while profits before partner distributions jumped by 39% to £33.3m across the firm's offices in Edinburgh, Glasgow and Aberdeen.

In the year to July 2020, which ended with three months of lockdown, revenue was up 3% to £60.5m and profits by 14% to £25m.

Chairman Peter Lawson commented that the results had benefitted from the timing of the firm's financial year, "as we’ve seen a few more months of the upturn than some other firms".

He added: "However, our performance has been significantly boosted from the prior year by investments in recruitment and people development, innovation and, most importantly, an unwavering commitment to the needs of our clients and their response to shifts in the markets they operate in."

Burness Paull said it had seen strong performances by its Corporate Finance, Banking & Funds, Litigation and Employment teams, as well as growth in key sectors such as technology, health, renewables and energy transition.

Mr Lawson predicted that the firm's strength in corporate finance, and its international reach, would be a major advantage as the economy recovered.

He said the firm had committed prior to the pandemic to building deeper client relationships, "and we took the decision at the outset of lockdown to accelerate that support".

Despite the challenges people had faced, "The lengths everyone has gone to in order to deliver first class support to clients while continuing to work remotely has been an outstanding tribute to the high performing culture we have within the firm."

Staff have been rewarded by bigger bonuses, while the firm also increased its commitments to the Burness Paull Foundation which supports its charitable partners.