The firm brought in fee income for its continuing business of Pounds 722.2m, 1% down on last year’s figure.
The corporate finance division showed fee income increases of 20% in spite of the downturn. UK chairman Nick Land said the firm had been hit by the US slowdown from the turn of the year but its corporate finance activity had been buoyed by recovery work in the second half.
Land said that although the economic downturn was likely to be more long lasting and deeper than previously anticipated, he was encouraged to see the recovery culture taking hold.
‘The banks attitudes do appear to have changed and I think that they are more reluctant to put businesses into receivership and are more focussed along with the rest of the creditors on how to keep businesses going. I think we are doing a lot more work helping corporates, on cashflow challenges and debt-restructuring challenges, for example,’he said.
The firm’s operating profit before exceptional items was up 14% to Pounds 185.7m and average profits per partner rose by 6% to Pounds 449,000.
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