Ledingham Chalmers figures down but ahead of budget

Ledingham Chalmers saw annual turnover and profit fall in the 2016-17 financial year, but still perform better than its projections for the year, its newly released figures show.

Group turnover for the year ending 31 March 2017, including subsidiary Golden Square Wealth Management, was just over £11.5m, compared with around £12.3m the year before, while profits fell from £3.8m to £3.4m. The previous year saw revenue dip from £12.5m to £12.3m, and profits from £4.3m to £3.8m.

The firm, which has 29 partners and 140 staff in offices in Aberdeen, Inverness, Stirling and Edinburgh, said the 2016-17 figures showed a performance broadly similar to the previous reporting period, albeit projections were lower given ongoing economic and political uncertainty, including the oil price downturn.

Chairman and partner Jennifer Young commented: “Like many of our competitors, we’re not immune to the difficulties faced in the regions and sectors in which we operate.

“That said, importantly, we delivered ahead of budget, albeit one that was more conservative than we’ve seen in recent years.

“We’ve continued to focus on laying the foundations for sustainable growth and have concentrated on providing what we know is a valuable service to clients, with the SME sector an area of particular focus with high potential for our firm.”

Brian Hay, the firm’s chief executive officer, said: “Many parts of the business have seen broadly similar levels of activity compared with last year.

“Notable areas of delivery for the firm have been in commercial property and private client services, with robust performances returned in all areas in which we operate – from corporate and business services and dispute work through to rural law.”

Highlighting the firm's increased entries in the Chambers and Legal 500 directories, Mrs Young added: “We continue to be firmly established within the leading pack of firms of a similar size – and – and are consistently commended for the quality of our people, as well as our sound, pragmatic guidance.

“Yes, the marketplace is challenging, but there continue to be opportunities for firms like us with the vision and appetite to adapt, to respond to trends, and to align themselves effectively with client needs."