Ledingham Chalmers financial results — and what’s next
Normally when we report our figures, we take a look back at what’s happened in that financial year.
But that doesn’t seem appropriate for 2020.
That’s because what our firm and our clients have faced over the last few months is something few, if any, of us could have imagined at the start of this calendar year.
And while the figures for year ending 31 March show a small increase in both turnover and profit, since March our primary focus has been on stabilising our business for what comes next. Plus, having done that, work is now underway to identify and target areas of growth.
For the 2019/2020 financial year, group turnover, including subsidiary Golden Square Wealth Management, was £12.7million — ahead of £12.1million the year before.
Group profit was £3.6million, compared with £3.5million in 2018/2019.
I often talk about sustainable growth being at the centre of our strategy, and that remains the case.
With that in mind, we made some changes at board level. My role changed from chairman to managing partner and Chris Mackenzie joined us as chief operating officer in June. Chris is a chartered accountant with many years’ experience in senior financial and consultancy roles.
As well as overseeing the firm’s finance, HR, IT and marketing functions, his role includes helping drive our strategic direction.
Notably, COVID has delayed former chief executive Brian Hay’s retirement plans. He’ll stay with us until March in a consultancy position, working with Chris in his new post.
Other new starts over the past year in the legal team include Gary Webster, a partner in Inverness who joined in April and is tasked with expanding our rural team’s geographic reach into Moray and the north of Scotland.
Also joining us in the rural team over the past year in Stirling were Lorna McKay, a senior associate and Susan Black, a senior solicitor. Meanwhile, Susan Purvis, a senior associate in family law with more than 20 years’ experience came on board in Aberdeen in November.
At the end of what has been an extraordinary year, all that remains is for me to thank each and every one of my colleagues. I’d also like to take this opportunity to acknowledge, with thanks, all of our clients for their continued support and trust in us.
Working remotely was a test for us — we’ve had the tech in place to allow for it for a few years now, but this scale was brand new. And it worked, through around 500 Zoom and WebEx calls since March, we’ve more than delivered for clients.
Looking ahead to 2021, no doubt, challenges remain, but there’s plenty of work to be done, and a degree of hope in what lies ahead.