Stephenson Harwood has declined to publish its half-year results, with insiders claiming that profits have fallen significantly.
The firm made a very big deal of its superb figures last June when profits soared by 40% and revenue by 20%. It was reported this week that its highest paid partner pulled in £1.3m last year, up 30% on the previous year. That's an awful lot of money for a firm that generally only hits the headlines for having pissed-up trainees and horny partners.
So why the reticence in publishing its half-year results, which should have been released last November? An insider at the firm tells RoF that last year's figures included income from a couple of significant matters that would ordinarily have been held over to the following year. He claims partners decided to account for them early in order to release bumper drawings, but now there's much less left in the kitty for 2015/16.
In a statement, a spokeswoman for the firm said "we've decided not to release half year figures. However, our half year revenue figure is higher than last year's." She wouldn't comment on why the figures had not been released, nor on the firm's profits.
Tip Off ROF
The firm made a very big deal of its superb figures last June when profits soared by 40% and revenue by 20%. It was reported this week that its highest paid partner pulled in £1.3m last year, up 30% on the previous year. That's an awful lot of money for a firm that generally only hits the headlines for having pissed-up trainees and horny partners.
So why the reticence in publishing its half-year results, which should have been released last November? An insider at the firm tells RoF that last year's figures included income from a couple of significant matters that would ordinarily have been held over to the following year. He claims partners decided to account for them early in order to release bumper drawings, but now there's much less left in the kitty for 2015/16.
Stephenson Harwood yesterday |
In a statement, a spokeswoman for the firm said "we've decided not to release half year figures. However, our half year revenue figure is higher than last year's." She wouldn't comment on why the figures had not been released, nor on the firm's profits.
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But apparently an anonymous source trumps this?
C'mon ROF...
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