A higher level of investment in Montagu Evans hit profits at the partnership this year, according to managing partner Rob Bower.
The LLP, which has just filed its latest accounts at Companies House, saw profit available for division among members fall from £20.8m in 2018 to £19.5m for the 12 months ended 31 March 2019. Operating profit was £26m, down by £927,000 on 2018.
However, revenues at the agent increase by 1.5% over the period, from £48.3m to £49m.
Bower (pictured) said: “From this base, we are focusing on key growth sectors, bringing specialists from a range of disciplines together in a new way of working. This has meant significant investment in our people and workspace this year and growth in new joiners as a number of talented experts have looked to join partnerships and become owners rather than employees.
“By the time we reach our centenary in 2021, Montagu Evans will be an even stronger partnership than we are now – building on major new wins as well as continuing to work with long-standing clients.
“In the meantime, these results reflect both the journey we are on and the scale of investment we have been making in our consultancy business.”
Over the course of period under review, Montagu Evans added seven new partners to its workforce, taking the total number of members to 96, with total staff numbers increasing from 255 in 2018 to 266 this year.
Average remuneration per member dropped from just over £300,000 in 2018 to £270,837 this year, with the highest-paid partner seeing their remuneration fall from £962,977 to £798,723.
The firm, as revealed by EG, is leaving its Mayfair home next year to establish larger offices at Nuveen’s “Can of Ham” at 70 St Mary Axe, EC3.
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