DAC Beachcroft Announces Annual Partner Promotions for 2014
International law firm DAC Beachcroft is pleased to announce the appointment of 16 new partners with effect from 1 May 2014. The promotions take total partner numbers to 256.
Published 11 June 2015
International law firm DAC Beachcroft has today published its unaudited, provisional results for the last financial year ending 30 April 2015.
Total Billings in 2014/15 were £200 million, an increase of £6m or 3% on the previous year.
Operating Profit before Exceptional items grew from £30m to £33m, an increase of 10% in absolute terms. As a consequence, Operating Profit before Exceptional Items per Member increased from £278,000 to £307,000, an increase of 10%.
Lock-up days fell from 164 to 149 days, markedly reducing the investment in working capital. Net Debt also fell from £30m to £25m, partly as a consequence of this improvement.
Commenting on the results, DAC Beachcroft Managing Partner, Paul Murray, said: "This is a solid performance across key areas of our business and I am very pleased with the outcomes reflected in the provisional numbers. Billings exceeded our plans for the year and the Operating Profit figures reflect improvement in underlying profitability and margins.
"In addition, the lock-up days values highlight our efforts to improve working capital management and the reduction in net debt is the practical consequence of these focussed endeavours. This performance represents improvements that we were determined to make and that will be continued."