DAC Beachcroft Announces Financial Results for 2015-16
Published On: 6 July 2016
International law firm DAC Beachcroft has today (6 July) announced its provisional, unaudited results for the last financial year ending 30 April 2016.
Total turnover in 2015/16 was £202m, an increase of £3m or 2% on the previous year. Profit before tax grew from £32m to £35m, up 9% from 2014/15. As a result, accounting Profit before Tax per Member grew 21% to £358,000.
The firm also delivered another decrease in lock-up days (down 4% to 143 days), further reducing the investment in working capital and driving a continuing reduction in net debt, which was down £5m to £20m.
DAC Beachcroft Managing Partner, David Pollitt, said: "This is an excellent set of results for us and we are very pleased with them. They reflect our focus on performance improvement and are in line with our strategic drive to create sustainable value."
"Each of the key financial metrics shows further improvement with record turnover, a significant increase in profitability and profit per member, ongoing improvement in working capital management and the further significant reduction of our net debt. Overall, they provide a strong platform for our future ambitions."
"This performance is testament to the talent and commitment of all our colleagues, while also reflecting the considerable contribution of our former Managing and Senior Partners, Paul Murray and Simon Hodson, who stood down last year."