Major Dundee law firm Blackadders maintained business revenues last year despite its wealth management division being placed into a new offshoot.
New filings at Companies House show the Reform Street based limited liability partnership (LLP) generated profits before members’ remuneration of £3.26 million in the year to March 31, 8% up on the £3m of 2017.
The return was generated from revenues of £11.89m, a marginal fall from the prior year period.
However, the turnover figure was reached without any contribution from the wealth management business, which transferred into a separate vehicle part way through the previous 2016/17 financial year.
Accounts for the sister company show it produced revenues of £1.76m in its first full year of independent trading and a profit before distributions of £632,164.
Blackadders said the figures were upbeat and showed the benefits of both significant investment in the business and the decision to separate off the wealth management unit.
“We are very pleased with the results which have been achieved during a year when we have invested heavily in our people and business infrastructure to reinforce our position for continued, strategic growth,” managing partner Johnston Clark said.
“We strengthened our team across Scotland by welcoming Karen Fulton as a partner and head of residential property in our Glasgow office, while also appointing Stuart King and Ellen Eunson in our respective Dundee and Aberdeen offices as members of the LLP. In addition, we invested heavily in a new company-wide IT system.
“Our financial results reflect the investment in our business and consolidation for the future.
“While we anticipate some Brexit headwinds, which are already starting to be reflected in the general economy, we are focused on ensuring a robust business for ongoing growth and development.”
The group employs more than 200 staff, including 25 partners, in a seven office network which has Tayside at its core with four local branches.