Montagu Evans has posted a 2.8% rise in turnover for the year ending March 2020, while its profits have slipped.
The LLP’s turnover grew to £50.4m during the year, according to its latest accounts filed with Companies House.
However, its pre-tax profit dropped by 28% to £18.7m during the period, from £26.1m in the previous year. This was caused principally by a change in structure. The average number of members in the LLP reduced to 49, from 96 in 2019, with its salaried partners re-classified as employees to better reflect their renumeration.
Profits available for division among its members totalled £18.1m, down by 7% in 2019, when profits available for members totalled £19.4m . The average renumeration per member for the year was £377,791, up from £270,837 in the previous year.
The largest pay package for a member was £871,714, increasing from £798,723.
Net assets stood at £14,2m, up 4.4% from £13.6m in the previous year.
Rob Bower, managing partner at Montagu Evans, said the business was “holding up very well and is ahead of budget to end December with strong cash generation”.
Bower said: “We anticipate the Covid-related market and economic impact to affect fees and profits to a small degree, although furlough funding taken in the first lockdown has been entirely repaid. We are focused on supporting our existing client base – whether that is creating extra resilience or exploiting new opportunities in rapidly shifting markets.”
He added that the agent, which relocated its London HQ to 70 St Mary Axe last year, is investing in IT and training to “make sure agile working is efficient and sustainable”.
Sector-wise, Bower said private/public partnerships will “support economic recovery” and are an “important part” of its strategy.
“Retail and town centres remain key – partly due to the disruption they face – along with housing and healthcare,” said Bower.
“London, no doubt, will be the first to stabilise and we’re pleased, officially at least, to have taken occupation at our new head offices in the heart of the City as our centenary year begins.”
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