Reading: Boyes Turner reports strong results with turnover, profit up

Thames Valley firm Boyes Turner, which cancelled merger talks with Blake Lapthorn and Morgan Cole last December, has reported strong results for the 2013/14 financial year.

According to The Lawyer, the Reading firm saw turnover increased by 5.7%, up to £15.5 million from £14.7m the previous year. Net profit rose by 16% and average profit per equity partner (PEP) was up by 25.4%, partly owing to a net reduction in equity partner numbers of two.

Boyes Turner reported net profit for 2013/14 of £3.6m, compared to £3.1m the previous year. PEP rose from £205,000 to £257,000. The firm has increased PEP by 46% in just three years, from £176,000 in 2011/12.

The strong results come in the same year as the firm’s decision to withdraw from tripartite merger talks with Blake Lapthorn and Morgan Cole - which have gone on to form a combined firm, Blake Morgan.

Boyes Turner’s property team had a strong year, contributing 17% of revenue or £2.7m, compared to £1.8m or 12% of revenue the previous year.

Corporate contributed £2.9m in the last financial year, compared with £3.1m the previous year, while the commercial litigation and personal injury litigation teams combined contributed £9.6m last year compared with £9.4m in 2012/13.

A total of 44% of revenue, or £6.8m, was derived from personal injury or insurance-related disputes.

Last year was the second full financial year since the firm converted to LLP status. In December last year Boyes Turner published its first LLP accounts, for the 18 months from incorporation in October 2011 to 31 March 2013, reporting turnover of £21.7m for that period with profit of £5.9m.