Irwin Mitchell’s total group revenue increased by 6.3% to £235.2 million in its 2016/17 financial year, partly due to a strong performance by its personal injury (PI) division.
The results mean that the firm has reported a pre-tax profit of £12.3 million, in line with the previous year.
The firm said that the PI department recorded its strongest ever outcome for new business, despite the sector seeing continued challenges regarding the Discount Rate – with some insurers delaying settlements while political uncertainty continues regarding the recent consultation on how to set the rate.
Group chief executive Andrew Tucker said that Irwin Mitchell’s focus on delivering market-leading services across its business, private wealth and PI divisions was reaping benefits and providing a solid platform for further growth. The firm has also successfully integrated Thomas Eggar into its operations following the acquisition of the firm in 2015.
“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,” said Tucker.
“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.”.
“As a business, we have a clear vision to support future growth in both revenue and profit and build capability further.”