The largest legal firm in Tayside saw good growth in 2013 despite “very challenging” trading conditions.
Newly published accounts show total revenues at the Yeaman Shore-based firm increased by £1.18 million to £14.38m in the year to May 31.
Operating profit for the year came in at £2.63m, a small uplift on the £2.55m posted a year earlier.
Thorntons is headed by two managing partners, Craig Nicol and Scott Milne, who were jointly appointed to the role in 2011.
The company has 32 partners on its books, an increase of three since the financial year end, and more than 260 other staff.
Profits are shared among the partners or members through an agreed mechanism. The largest payment made to the 29 eligible members in the 2013 financial year was £121,646, a figure which dropped from £125,799 a year earlier.
In a report to the accounts, which were posted at Companies House yesterday, the members were confident about the firm’s medium-term outlook.
“Turnover for the business this year has shown some good growth overall, rising by 9%,” the report states.
“We have invested significant cost in key areas of the business this year, and our profitability has only improved by 3% this year as a result. We continued to be committed to focusing on our operational processes continuously to improve the efficiency of the business.
“Trading conditions still remain very challenging overall, but our commitment to providing our clients with a full service offering has ensured that our business remains strong and we have experienced significant growth in a number of key areas.
“We have a clear strategy for growth and we are continuing to invest in our business and are confident that we have a stable base from which to grow in the short to medium term.”
Thorntons is part-way through the implementation of a five-year strategic plan which was devised by the joint managing partners.
Mr Nicol said the plan had started to pay real dividends for the company.
“Our financial results for the past year are extremely positive and encouraging,” Mr Nicol said.
“Following our appointment, Scott and I were keen to devise a business plan that would help develop the business in certain key areas, and the figures demonstrate that we are on the right track.
“We have taken on three new partners this year two in Edinburgh and one in Dundee as well as making a number of other senior appointments.
“These results have allowed us to invest in key areas, particularly our teams in investment services, intellectual property, technology and media, private client and agriculture.
“The level of investment the firm has made in our people, technology, our systems and processes will stand us in good stead for the future, and we are already seeing the benefits of those investments bearing fruit.”
Thorntons was founded in 1857. It has operations in Arbroath, Forfar, Perth and Edinburgh in addition to Dundee.