In the annual report and accounts registered this week at Companies House, Montagu Evans has reported an increase in revenues and further investment in its business for the financial year running from April 2021 to March 2022.
Revenue was up to £64.1 million (a 22% year-on-year increase), with all fee-earning departments recording turnover increases of over 20%.
Statutory profit increased by £6.1 million to £23.2 million (although 2021 included one-off costs relating to the relocation to its new City of London headquarters the same year).
Distributable profit for partners also increased (up 19%), as did the non-partner bonus pool (up 26% to £6 million). The average distributable profit per partner was up 27% from the previous year to £529,000.
Staff investment increased by £5.2 million, including a continued focus on senior lateral hires in strategic growth areas that will continue into 2022/2023 and an increase in provision for its early careers cohort that includes both apprentices and graduates. The average number of staff increased by 58, excluding property management site staff.
Prudent financial management of resources has resulted in a £1 million growth in net assets to £17.2 million and a strong positive cash balance.
Its energy and carbon report demonstrates a significant improvement in emissions (from 228 to 148 tCO2e) and a significant reduction in carbon footprint since the prior year, halving the intensity ratio from 0.6 to 0.3.
Diversity, equity and inclusion remain a priority, and the partnership is continuing to make progress against its 5-year commitment started in 2019, including the appointment of a new responsible business manager for this area. New programmes in the past year include partnering with Disability Connect and becoming Disability Confident Committed; joining the Menopause Workplace Pledge and Social Mobility Pledge; setting up the Reach Acade:ME designed to provide dedicated support to students from Years 10 to 13, including an annual bursary; and adopting market-leading parenthood policies. The firm also offers a cost of living contribution to support staff who need it. A full report is available here.
Managing Partner Rob Bower said: “Above all, this success comes from the great work our people do every day, especially their ability to provide high-quality advice tailored to each client and its challenges. Everyone should be proud of the part they have played.
“Clearly, this current year is different. Our central core of planning and development may not be affected to the same extent as transactional markets, but we will be working hard to support clients as they navigate these changing circumstances. We also have some major projects at the Royal Albert Docks, at Stansted and in Shepherds Bush to focus on, as well as supporting public and private sector organisations UK-wide.
“At the same time, we remain focussed on investing in the business, continuing to make it more sustainable, inclusive and diverse, and protecting the qualities that make this a fulfilling and rewarding partnership.”