Montagu Evans saw annual revenue fall by 15% to £54.8m and statutory profit decrease by £8.9m to £14.1m for the financial year ending March 2023.
In its annual report and accounts published this week at Companies House, distributable profit for partners reduced by 36%, while the non-partner bonus pool covering all other staff reduced by 27%, to £4m. The average distributable profit per partner was £337,000.
The partnership said despite the challenging market conditions it had decided to take a long-term view and continued to invest in the business, increasing headcount, extending its ESG capability and investing in a new business information system and an improved IT infrastructure.
Rob Bower, managing partner of Montagu Evans, said: “Even with global volatility affecting every part of the sector, we have kept a clear focus on planning and development, and a strong programme of recruitment, promotion and succession that will position us well for better times ahead.
“Coming off the back of a record-breaking year in 2021/2022 these numbers are clearly a disappointment, but we have decided to protect our people and avoid redundancies, focussing on maintaining high levels of client service with properly resourced teams. This latest down cycle will pass, and when it does we will be very well positioned to immediately support our clients. It’s times like this when true partnership businesses show their strengths.”
