Legal firm Gillespie Macandrew yesterday hailed the contribution of its new Perth office as it booked an increase in profits.
The company said its Fair City office generated income in excess of £600,000 in its first full year of operation to February 28, a return ahead of management expectations.
The firm said it had seen growth across all of the sectors in which it is represented but enjoyed particular success in its land and rural business division, where turnover increased 20% to almost £2 million.
“We are seeing positive returns from a number of strategy decisions we made in relation to developing the firm,” managing partner Ian Turnbull said.
“A very tangible addition was the opening of our Perth office, and it is pleasing to report that in its first full year of operation it has delivered over £600,000 income, with some notable new clients added.
“This includes a good mix of landed estates, farming and forestry clients, and it has helped us extend geographically, north into Angus and west into Argyll.
“We will be continuing to invest in this office, and one aim is to recruit personnel to build the private client team based there.”
Overall, company revenues in the year increased 4% to £9.58m and operating profit was 3% ahead at £2.74m.
The average profit per partner came in at £124,000, up £3,000 on 2012/13 return.
Mr Turnbull said the result represented a “solid” outcome for the firm.
“We regard this as building on the progress demonstrated last year,” he said.
“It is a good, solid performance during a time of continuing challenge and change within the legal profession in Scotland.
“We will continue to push ahead with our investment in good quality people at all levels, and we are actively looking to recruit in several areas.”