Gillespie Macandrew figures show mixed picture in year of choices

Solicitors Gillespie Macandrew LLP have reported a mixed financial picture for their financial year ending 28 February 2015, a year in which the firm said it was considering its future direction.

Turnover rose by 2% to £9.8m, compared with the previous year's 4% rise. Comparable operating profits dropped by £0.35m from the £2.745m achieved in 2013-14 (which was 3% up on the previous year), but the firm says that average profit per equity partner, excluding a 2014 exceptional item, rose by 5% to £156,000.

Chairman Murray Shaw commented: “Last year we invested a fair amount of effort looking at the future direction of the firm, considering options that included acquisitions, possible mergers or continued investment in developing the business organically. It was important that we made the right choice and, naturally, we spent a significant amount of time on this with the ultimate decision being to continue to develop our own business. I am pleased, therefore, to report the increase in turnover and average PEP in a period where we were not acquiring or ’bolting-on‘ other teams or firms.

“I am also pleased to report the significant improvement in our lock-up and strengthening of our cash position, which saw us end the year with over £1m in the bank and modest third party term borrowing of under £0.2m, all of which will be repaid this year. This will leave the firm debt free and in a strong position to progress the three year planned programme of strategic investments which we have already started to implement.”

Chief executive Chris West added that the firm had had a "strong first quarter in 2015-16" with revenue 5% ahead of its original plan, and was actively recruiting for new staff in a number of key areas.

Gillespie Macandrew recently opened an office in Glasgow to add to its bases in Edinburgh and Perth. The firm was also visited by First Minister Nicola Sturgeon last Thursday as partner Derek McCulloch was appointed as honorary consul by the Republic of Korea (South Korea), confirmed by the Korean Ambassador who attended from his London embassy.