Turnover soars across the City
12 November 2010
Turnover for the last six months has risen across the City, with firms posting increases between 2% and 17%.
Top of the tree is
Barlow Lyde & Gilbert. Turnover for the first six months of the financial year is up 17% on the same period in 2009/2010, and profit up an almost unbelievable 58%. A spokesman said that work had picked up across the board, and insurance was "
very busy". Taking on a chunk of
Halliwells will clearly have had helped turnover, and making 49 staff redundant will clearly have helped profit, but on any view this is a cracking result.
There was strong performance also at
Norton Rose (turnover up 9%) and
DLA Piper (8.5%). But most City firms seem to be in the low single digits:
A&O,
Herbert Smith and
Nabarro all posted a 3% rise in turnover, and
Ashurst a 2% rise.
The only turd in the proverbial punchbowl was
Olswang, which posted a fall in turnover of 2%. David Stewart, the firm's CEO, said that the previous year had been extremely strong, largely as a result of a big corporate job for Prudential, and that whilst he wasn't delighted with the results he was "
very confident that things will be stronger in the second half of the year".
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A turd-less punchbowl yesterday |
Inevitably, firms with strong results are very happy to shout about them, while those with slightly less good news will put off announcing for another couple of weeks. Watch this space.