Montagu Evans has posted significant upticks in revenue and earnings in its latest financial year.
Revenue grew by 22% to £64.1m in the year ending March 2022, compared with the previous year. All fee-earning departments recorded turnover increases of more than 20%.
Statutory profit increased by £6.1m to £23.2m. Montagu Evans noted its 2021 figures included one-off costs relating to the relocation to its new City of London headquarters in the same year.
Distributable profit for partners was up by 19%, with the non-partner bonus pool up 26% to £6m. Average distributable profit per partner reached £529,000, up 27% from the previous year. There was an average of 44 members during the year, down from 47 in 2021.
The highest paid member earned over £1.5m, up from £1.2m in the previous year.
Staff investment increased by £5.2m. The firm said this was driven by a continued focus on senior lateral hires in strategic growth areas, which will continue into 2022/2023, as well as an increase in provision for its early careers cohort, including both apprentices and graduates.
The average number of staff increased by 58, excluding property management site staff. Net assets increased by £1m to £17.2m.
The consultancy also reported improvements in emissions and carbon footprint reduction, with the intensity ratio for the latter halving to 0.3.
New initiatives in the past year included partnering with Disability Connect; joining the Menopause Workplace Pledge and Social Mobility Pledge; and setting up the Reach Acade:ME scheme, to provide dedicated support to students from Years 10 to 13 interested in developing a career in real estate, including an annual bursary. The firm also offered a cost-of-living contribution to support staff.
Managing partner Rob Bower said: “Clearly this current year is different. Our central core of planning and development may not be affected to the same extent as transactional markets but we will be working hard to support clients as they navigate these changing circumstances.
“We also have some major projects at the Royal Albert Docks, at Stansted and in Shepherds Bush to focus on, as well as supporting public and private sector organisations UK-wide.”
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