In the annual report and accounts registered this week at Companies House, the Montagu Evans partnership has reported annual revenue of £54.8 million and a statutory profit of £ 14.1 million for the financial year to March 2023.
On the back of challenging and industry-wide market conditions, the partnership has taken a long-term view and continued to invest in its business, including an increased headcount, extended ESG capability, new business information system and further improved IT infrastructure.
Revenue of £54.8 million was a 15% decrease against the previous year’s record financial performance. The firm’s Planning team recorded 5% year-on-year growth, however, with further investment in people and focus on Central London, Housing and Historic Environments and Townscape, including major schemes in Earl’s Court, Stansted and across the capital.
Statutory profit decreased in parallel by £8.9 million year-on-year to £14.1 million. Distributable profit for partners reduced accordingly by 36%, while the non-partner bonus pool covering all other staff reduced by less, 27%, to £4 million. The average distributable profit per partner was £337,000.
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.”