Trowers & Hamlins has just filed its LLP accounts which show that its profits have fallen from £28.4m to just £18.8m - i.e. by more than a third. Or a collapse, as an English batsman might put it.
The firm is very exposed in the Middle East, with offices in Dubai, Oman, Bahrain, Cairo and Abu Dhabi which are not, frankly, where the most profitable work is currently to be found. And it also had to fit out its new offices, which will have cost a few quid. But they'd have to have installed some solid gold desks to account for these sorts of figures.
It's particularly unfortunate as it comes at a time when other City firms are seeing an upturn in the market. Allen & Overy, Macfarlanes and Simmons & Simmons all posted strong increases in profits over the last few weeks.
A spokeswoman for the firm said "half of the drop we experienced was an accounting issue caused by double occupancy and the move of our HQ".
"The other half was caused by wicked fairies" she didn't add.
Tip Off ROF
The firm is very exposed in the Middle East, with offices in Dubai, Oman, Bahrain, Cairo and Abu Dhabi which are not, frankly, where the most profitable work is currently to be found. And it also had to fit out its new offices, which will have cost a few quid. But they'd have to have installed some solid gold desks to account for these sorts of figures.
 |
Trowers' new mailroom |
It's particularly unfortunate as it comes at a time when other City firms are seeing an upturn in the market. Allen & Overy, Macfarlanes and Simmons & Simmons all posted strong increases in profits over the last few weeks.
A spokeswoman for the firm said "half of the drop we experienced was an accounting issue caused by double occupancy and the move of our HQ".
"The other half was caused by wicked fairies" she didn't add.