GVA Grimley has posted another strong set of results, swelling the bonus pool by 65% to £15m — worth an average of £13,600 for each of the 1,100 staff.
The bonus pool has increased fivefold from 2000/01 (see chart).
Turnover at the limited liability partnership was up 22% to £114m in the year to April. Pretax profit, after bonuses and salaries for the 68 partners, was up 24%, from £16.1m to £20m.
The practice, which ranks seventh in the EG league table, has more than doubled its turnover in five years — from £51m in the year to April 2001 to £114m today. Chief executive Bob Barnett said: “We hope to continue to expand by merger.”
GVA — which has traditionally been seen as strong in the regions — says that 46% of all its fees can now be attributed to the 400-strong London office in Stafford Place, Mayfair. Fee income in London is up 27%.
“We have got to expand in London,” said Barnett. GVA Grimley is close to leasing a 10,000 sq ft office in the City to replace its space in Bucklersbury House, which is to be redeveloped (p39).
In Manchester, fee income grew by 16%, and in Birmingham, 15%. Last October, Grimley bought 50-strong Newcastle-based Lamb & Edge.
In 2005/06, the practice, which is part of the worldwide GVA network, earned 58% of its fees from consultancy work. One third came from transactional business and the remaining 9% from asset management.
This week, five new equity partners were created, replacing four who have retired. The youngest is Lisa Rive, 33, in the property management team.
New regional senior partners are Mark Rawstron, who will run the Manchester office, and Mark Brunsdon, who will run the Liverpool office.
“We continue to attract lateral hires,” said Barnett, who this week hired Tim Crossley-Smith from CB Richard Ellis (p40). “People like the partnership culture.”
Marketing chief Kevin Marriott said GVA was undergoing a brand-freshening exercise to be seen as “a modern practice”.
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