Funding boost for Cobbetts as fee income rises
Birmingham law firm Cobbetts has secured a £11.5m funding package with Lloyds Bank Corporate Markets and posted a rise in first-half fee income. The firm said the cash injection would provide it with the "platform from which to continue its sustained growth trajectory".
The funding boost came as the firm announced a 3 per cent increase in fee income to £20.5m in the six months to 31 October 2011. Its litigation and corporate divisions were key performers, boosting fee income by 9 and 5 per cent respectively when compared with the same period last year.
James Boyd, finance director at Cobbetts, said: "Our performance in the first half of the year is testament to the hard work and focus of everyone within the firm. The funding package from Lloyds serves only to strengthen our financial position."
During the period Cobbetts secured client wins with telecommunications provider Maintel Holdings, US biotechnology giant Techne Corporation and host of AIM-quoted mining and minerals companies.
Boyd said: "Despite the continued challenges in the UK and global economies, we continue to win quality domestic and international work through our emphasis on innovative, client-led services and knowledge-based differentiation.
"We move into the second half with a healthy order book, and look forward to continuing this level of growth and recording a strong full year performance."
Cobbetts reported a turnover of 44.5m in the year to 30 April 2011, up from £43.8m a year earlier. Net profits dipped from £10.5m to £10m.
