Releasing its latest report and accounts, planning and development focused consultancy Montagu Evans reports turnover growth and continuing investment in its people as it begins its centenary year.
In accounts published this week by Companies House for the financial year ending 31 March 2020, the partnership sets out:
- Turnover of £50.4 million compared to £49 million the previous year.
- Continuing staff investment costs at approx. £1.5 million (however, the way staff costs are structured and reported has changed – see end note[i])
- LLP profit of £18.1 million, compared to £19.5 million last year.
- Net assets standing at £14.2m, up from £13.6m, with strong positive cash generation. No bank debt.
Rob Bower, Managing Partner at Montagu Evans, said: “Weathering last year’s storm has involved a tremendous effort from the whole team. Their commitment to our clients and the business, under challenging conditions, is testament to the way our partnership has evolved over the last five years.
“As the partnership turns 100, Montagu Evans is moving into a stronger position – building on major wins as well as maintaining strong relationships with longstanding clients. These financial results reflect both our strategic goals and the scale of investment we are making in our business for the long-term, with significant support for senior lateral hires, promotions, graduate recruitment, and learning and development all continuing.
“Looking at this financial year, the business is holding up very well and is ahead of budget to end December with strong cash generation. We anticipate the Covid-related market and economic impact to affect fees and profits to a small degree, although furlough funding taken in the first lockdown has been entirely repaid. We are focussed on supporting our existing client base – whether that is creating extra resilience or exploiting new opportunities in rapidly shifting markets.
“We’re looking out for our people too, investing in IT and training to make sure agile working is efficient and sustainable. Improving diversity and inclusion remains a priority. We have just launched our Women’s Leadership programme and an apprenticeship scheme over the course of the year to bring more people into the business and support those who are already embedded in our teams. Our new ME100 programme for this year means we will also be supporting young entrepreneurs and the next generation of talent.
“Underpinning everything is our sector-led approach, bringing together expert teams from across the firm to meet clients’ needs. Private/public partnerships will support economic recovery and are an important part of our strategy. Retail and town centres remain key – partly due to the disruption they face – along with housing and healthcare. London, no doubt, will be the first to stabilise and we’re pleased, officially at least, to have taken occupation at our new head offices in the heart of the City as our centenary year begins.”
[1] Montagu Evans Partners have three bands: Equity Partners, Participating Partners and Salaried Partners. In the financial year 2019/2020 Salaried Partners moved from being classified as Members to being classified as Employees to better reflect their basis of remuneration. The figures associated with their salaries moved sections within the report and accounts, affecting headline salary numbers, members’ remuneration charged as an expense and year-on-year comparisons in these areas.