1 May 2013

Forsters delivers impressive annual results for the third year running

Forsters has seen strong growth across the business for the third year running in spite of challenging market conditions.

The firm has reported an impressive increase in fee income, with fee income up 16% year on year. Fees are up ahead of budget from £28 million to £32.5 million.

Total profit was up by 11%, PEP (Profits per Equity Partner) was 6% higher at £431,000 and EPP (Earnings Per Partner) rose by over 3% to £308,000. Partner numbers were up by four and equity partners by three.

Across the firm, a number of high profile mandates and clients have been secured including the successful re-tender of The Crown Estate's non-core and residential portfolio and the cross-firm work on Greenwich Peninsula (quoted by the sector press as "… one of the capital's biggest regeneration projects under single ownership").

Fee growth was recorded across the whole firm; particularly in the Trusts and Tax group which has seen a 164% increase in revenue in the last five years. This growth has been achieved through a strategy of lateral hires and more recently as a result of an increased focus on developing referral relationships within international wealth centres such as Hong Kong, Singapore, Malaysia and North America.

Real Estate increased its fee income in the year by 7%, which takes revenue back above pre-2008 levels. Within recent months, new work has been secured from a number of overseas investor clients with a clear focus on the acquisition of central London and regional retail assets.

The firm's market-leading Residential team had an exceptional year, which has resulted in a 30% increase in fees, with much increased activity representing overseas purchasers of high-value central London assets and the ongoing work of Forsters' specialist leasehold enfranchisement team.

Paul Roberts, Managing Partner at Forsters said: For the third year running, the firm has delivered double digit increases in revenue and profit. Last year saw outstanding results across all areas of the business and we have seen a surge in the number of new instructions and referrals. This is a testament to our absolute focus on core markets which has enabled our continued growth despite a challenging market

Our ability to advise across all property sectors, including residential, when linked with the growth of our trusts and tax teams and an increased strength in corporate and litigation mean that we are strongly positioned to meet the needs and requirements of institutional, corporate and high net worth individuals."

He continued, "We are delighted with these results, which I believe are a direct result of our focus to invest in staff and to ensure that the highest levels of quality advice, client care and service delivery are provided to our loyal client base."

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The team "provides efficient, competent advice; the level of expertise and practical ability is highly impressive."
Legal 500 UK