Murgitroyd returning to growth after earnings decline

Glasgow-based patent and trademark attorney Murgitroyd today said it was returning to earnings growth after revealing a drop in annual profits.

Chairman Ian Murgitroyd hailed the firm's long-term prospects. Picture: Peter Devlin

The firm said pre-tax profits fell to £3.8 million for the year to the end of May, down from £4.3m a year earlier, as it absorbed the cost of an acquisition in the US and Nicaragua.

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But revenues rose to £44.3m, up from £42.2m last time, and chairman Ian Murgitroyd said the earnings trajectory had turned positive during the second half of the year after counting the cost of the deal to acquire parts of Dallas-based MDB Capital Group and Managua-registered Patentvest.

He added: “Generating a sustainable return on this investment remains a key goal for the group, in conjunction with profitable growth through targeted business development, economies of scale and effective cost control, which remain central to the group’s strategy.

“We are operating in a robust market with good long-term prospects and the board remains committed to the delivery of value to shareholders, reflected in the continuation of the progressive dividend policy.”

A final dividend of 12p a share was proposed, lifting the full-year payout by 6.3 per cent to 17p.

Personal injury firm sees bumper referrals

A legal firm specialising in personal injury claims has reported record growth and increased its headcount as a result, writes Scott Reid.

Gildeas Solicitors, which was founded in 1986 and has offices in Glasgow and Edinburgh, said it had experienced its busiest summer period ever after recording a 22 per cent increase in private referrals for personal injury cases compared to the year before.

Director Sanjeev Bali said: “We have made a number of robust strategic decisions in the past year, including a commitment to building better relationships with our clients from the outset.”

It has increased staffing levels to help cope with the most serious cases.