First-half pre-tax profits up 3% on last year to 2.27 million
Patent attorney Murgitroyd Group has reported a three per cent rise in pre-tax profits for the first half to £2.27 million despite a two per cent drop in revenues.
The Glasgow-based group said revenue - fee income including recharged disbursements – dropped to £17.6 million in the six months to November 30, 2012, against £18 million the previous year.
However, net fee income, which it says is a “more meaningful measure of gross profit” rose two per cent to £10.6 million.
Basic earnings per share rose 7.9 per cent to 18.68 pence, and the group attributed the stronger share earning than pre-tax profit increase as being down to “continuing positive impact of falling UK corporation tax rates”.
Murgitroyd said it has continued to pay down its net debt, cutting it from £4.25 million in November 2011 to £3.18 million in November 2012, which reduced interest charges by 29.3 per cent to £41,000.
The group, which operates across 15 offices in eight countries, said it has ramped up recruitment at its London and Munich offices.
Murgitroyd said its two offices in the United States collectively saw a 9.5 per cent rise in sales from US clients.
Group chairman Ian Murgitroyd said:"I am pleased to report that Murgitroyd has again delivered good growth in the first half of the financial year.
“Increased activity is reflected in a rise in both profitability and earnings per share for the twelfth consecutive interim period.”
He added: “We remain confident in Murgitroyd's ability to progress in the current macro-economic climate, and the group continues to invest in both direct business development activities that will generate sustainable new business, as well as in its systems and people.”