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DAC Beachcroft reports 3 per cent YoY growth in billings

'Billings exceeded our plans for the year,' says managing partner Paul Murray

10 June 2015

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By Manju Manglani, Editor (@ManjuManglani)

International law firm DAC Beachcroft has today published its unaudited provisional results for the financial year ending 30 April 2015.

Total billings in 2014/15 were £200m, up £6m or three per cent on the previous year.

Operating profits before exceptional items grew from £30m to £33m, up 10 per cent in absolute terms. Operating profit before exceptional items per member consequently increased from £278,000 to £307,000.

"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," said managing partner Paul Murray.

Lock-up days fell from 164 to 149 days, markedly reducing the investment in working capital. The firm says it calculated lock-up days as "(net client debtors adjusted for VAT / revenues x 365) + (net unbilled debtors / revenues x 365)".

Net debt also fell from £30m to £25m, partly as a consequence of this improvement.

"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 focused endeavours. This performance represents improvements that we were determined to make and that will be continued," commented Murray.



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