Our key
financials
2014/15 proved to be an exceptional year with revenue reaching £58.9m, representing 17.2% growth
on the prior year and bringing our growth over the last five years to £23.7m (67.3%).
This was driven by an aggregation of marginal gains,
including an increase in productivity across our legal
teams in terms of hours, higher workflows from many of
our largest clients and a focus on improving efficiency.
This enabled us to reduce our write-offs in the year and
highlights the ever improving quality of the work we are
undertaking.
Lock up, our investment in WIP and debt, has improved
by 10 days and this is reflected in our cash position at
the end of the year. We were also able to reduce gross
debt by £0.7m, despite funding many of our projects and
investments out of cashflow. Lock up remains an area
where we can make further improvements and we will
continue to focus on this as part of our working capital
project in 2015/16.
Profit for the year was £15.9m - which was up almost
23.3% on the prior year; this is a tremendous result,
especially considering the level of investment made
during the year, and it generated a performance award
for our people which equated to 5.5% of salary.
There are also numerous planned projects in 2015/16
which require continued, significant levels of investment
including the implementation of our new PMS, which is
scheduled for a phased roll out in the year.
Our year 2014/15 | Our key financials page | 10
Kit Doleman
Finance Director
+44 (0)115 948 5621
kit.doleman@brownejacobson.comarget="_blank" title="Visit kit.doleman">kit.doleman@brownejacobson.com
"As the firm continues to grow, it is important
for us to maintain strong financial management
and control. The introduction of our new
Practice Management System (PMS) will provide
us with a platform to support the more detailed
management reporting needs of our diverse and
expanding business."