Glasgow-based firm now planning to expand operations in Munich and Paris
Glasgow-based patent and trade mark lawyer Murgitroyd Group is planning on further European expansion on the back of its eleventh straight year of sales and profit growth.
The firm, which reported a 7.5 per cent rise in turnover to £35.7 million for the year end to March 2012 and a 10.3 per cent rise in pre-tax profits to £4.4 million, said it now plans to increase its presence in Munich and is also considering expanding into Paris.
Murgitroyd, which currently operates 15 offices across eight countries, said the expansion plans coincide with the launch of the new unified European Patent Court, which will sit in both London and Munich, with the court's third seat and its central division to be based in Paris.
The new European Patent Court was agreed by the European Council in Brussels in July and will mean for the first time patents can be granted and simultaneously valid across 25 European countries, though Spain and Italy have opted out of the agreement.
The group said it will consider how best to service its clients' needs in Paris in the course of the coming year.
Sales to US clients also rose by 20.3 per cent year on year, contributing just under 60 per cent of the total increase in sales.
Ian Murgitroyd, chairman of Murgitroyd Group, said: "I am pleased to report that Murgitroyd has continued to deliver an increase in turnover and profitability for the eleventh consecutive year since its flotation in 2001.
“While we remain cautious, due to the uncertain macro-economic environment, we continue to invest in the business and the board remains confident that Murgitroyd can continue on this growth trajectory to deliver value to shareholders.”
The board of Murgitroyd has proposed a final dividend of 8.5 pence per share for a total annual divided of 12 pence, a rise of 11.6 per cent on the previous year.