Top-100 full-service firm Ward Hadaway today hailed ‘record’ financial results, with income up 7% to £48.1m for the year to 30 April 2024.
A sharp rise in the wage bill dampened profits, however. The firm reported a surplus before members’ remuneration and profit shares of £17.2m, unchanged on 2023.
The Leeds, Manchester and Newcastle-based business said it is well placed to increase turnover by 50% over the next five years and hit a £100 million target by 2034.
Managing partner Steven Petrie said: ‘These financial results from 2023-24 represent a really strong foundation on which to build, as we strive to realise our ambitious long-term growth plans. It’s really encouraging to see the positive impact our strategic investments are already having on our business, including our ability to attract, recruit, retain and engage excellent people to the firm.’
The firm said eight new partners spanning a range of service sectors joined in 2024, among more than 100 new colleagues.
Amid investment in technology, Ward Hadaway has established an innovation team to explore the role of AI. It is also in the process of refurbishing its Newcastle Quayside offices.
Accounts filed at Companies House show headcount excluding partners rose to 375 at the end of the last financial year, from 348 12 months earlier. Staff costs climbed from £16.1m to £18.4m.
The average number of partners fell from 98 in 2023 to 95. The highest-paid partner received £408,355 in 2023-24, down from £438,638 in the previous year.
