Burness Paull cites Brexit for 3.4 per cent drop in profits

Scots law firm Burness Paull has reported an increase in annual turnover for the financial year ending 31 July 2016, up 3.9 per cent to £53.3 million from £51.3 million the previous year. The firm recorded a profit of £22.6 million, down 3.4 per cent from £23.4 million in 2015, citing post-Brexit uncertainty as leading to a significant pause in activity and client instructions. Philip Rodney, chairman of Burness Paull, said: “Unlike most firms, our financial year runs to 31 July rather than 30 April. The anticipation of, and the changed circumstances brought about by the outcome of the EU referendum inevitably impacted adversely on the last couple of months’ trading and are reflected in our results. “The decision to leave the EU has been felt widely, as can be seen from organisations reporting across all sectors of the UK business community. While there will continue to be uncertainties, we are beginning to experience nearer normal market conditions as we work with our clients to support them in these changed circumstances.” While the results show more modest growth compared with the 38 per cent increase over the last three years, profit margin still remains high at more than 40 per cent, with a number of successes setting the firm up well for the 2016/17 financial year: