Turnover (£m): 24
Average PEP: 204
Equity spread (£k): 142-255
Profit margin (%): 18
RPL (£k): 171
Turnover at Exeter-based Ashfords remained steady at £24m, but was still short of the £24.8m reported in 2007-08. Net profit was also static at £4.2m.
Corporate and commercial work was strong, with these departments posting results that were well ahead of their budgets for the year. These two sectors combined contributed approximately 25 per cent of total revenue. During the year commercial property partner Thornton Allen joined from Hammonds, while corporate partner Louise Workman arrived from Berwin Leighton Paisner. While commercial property continued to contribute its fair share, the sector’s star performance was seen during the first two years of the recession. Things are now a bit more difficult in this area, admitted Ian Daniells, chief executive and partner.
Equity partners sit on a five-year lockstep, entering at 50 points, with 100 points being the maximum. Progression up the lockstep is not automatic and partners can go down if performance remains below par for a number of years. Three partners at the top of equity, each holding 100 points, retired last year, while the firm promoted four partners into the bottom of the equity.