Law firm Gillespie Macandrew has announced an increase in turnover and profits in its 2015-16 financial year.
Revenue rose 6.7% from £9.81m to £10.47m in the year to 29 February 2016, the first time it has topped the £10m mark, while profits jumped by more than 18% from £2.4m to £2.86m.
During the year the firm opened in Glasgow to add to its bases in Edinburgh and Perth. It reports fee income growth particularly in private client, residential, housebuilder, commercial property and litigation services. It has no current borrowing.
The firm also appointed three new partners – Agnes Mallon, Alan White and Fraser Leslie, while the number of staff employed rose from 101 to 112.
Chairman Murray Shaw commented: “We have had a strong year building on the work we did in late 2014. Profits are higher than expected through our top line growth, while our costs didn’t grow as quickly as expected. This is largely due to longer timescales than anticipated in recruiting the right people to help us develop. We are delighted with our new recruits at all levels. This confirms we are right to take time to get the correct people for us.
“While we expect the coming year to continue to be highly competitive, we are again quietly confident that we will push forward with our overall growth plan. We have improved our cash management further, though there is still more we can achieve – all of which stands us in excellent stead for the planned expansion of the business.”
Chief executive Chris West added: ”2016 and 2017 will see us making further investments in partners, staff, training, our offices in Perth and Glasgow in particular and in our processes and systems – all designed to grow the business and support our clients."