CEO focussed on building strong and diversified group driven by client need
National law firm Irwin Mitchell has today announced that its total Group revenue in 2016/17 increased by 6.3% to £235.2m.
Announcing the organisation’s annual financial results, Group Chief Executive Andrew Tucker said that Irwin Mitchell’s focus on delivering market-leading services across its business, private wealth and personal injury divisions is reaping benefits and providing a solid platform for further growth.
“We made significant progress in a number of areas last year and I am excited about our prospects for the future.” said Andrew Tucker, Group Chief Executive at Irwin Mitchell.
In a year which has seen the successful integration of Thomas Eggar complete since the merger was announced in 2015, and challenging market conditions the Group has reported a profit before tax of £12.3m* (see notes to editors) – in-line with the previous year.
Noticeable successes during 2016/17 include the Personal Injury division recording its strongest ever outcome for new business. The year saw the successful launch of Irwin Mitchell’s Private Wealth proposition and also the start of a major partnership between the firm’s Business Legal Services division and the Confederation of British Industry (CBI).
Irwin Mitchell Group companies, IM Asset Management and Ascent continued their growth stories. IMAM now has over £500m of assets under management while Ascent recently secured a partnership with the Federation of Small Businesses (FSB) which will see it provide a new dedicated debt recovery service for its members.
The growth in revenue comes despite the personal injury sector seeing continued challenges regarding the discount rate with some commercial insurers delaying settlements while political uncertainty continues regarding the recent consultation on how to set the rate.
Tucker said: “The Group has responded positively to challenging external conditions and I’m pleased to say that this hard work is reflected in these financial results.
“I’m very optimistic about the opportunities across the Group and our strength in breadth gives us a great platform to build on. Our Personal Injury teams continue to grow while our Business Legal Services teams are now adopting a new sector based strategy following a review. We have also launched Irwin Mitchell Private Wealth which can help act as a bridge between our business and personal legal services so that we can seamlessly support our clients.”
Commenting on the year ahead, Andrew Tucker added: “We are focussed on continuing to build a strong and diversified Group driven by client need, with highly engaged colleagues.
“As a business, we have a clear vision to support future growth in both revenue and profit and build capability further.”