Specialist Liverpool law firm Bond Turner sees profits soar 54% to £26.5m thanks to growth in its large loss and housing disrepair divisions. Tony McDonough reports
Liverpool law firm Bond Turner has paid £10m in dividends to its owner after seeing a big rise in annual revenues and profits.
In its accounts for the 12 months to December 31, 2023, just filed on Companies House, Bond Turner revealed revenues of £74.8m, up 32.6% on 2022, with pre-tax profits 54% higher at £26.5m.
Based at The Plaza in St Paul’s Square, Bond Turner saw employee numbers rise to 696 during the year amid significant growth in its housing disrepair and large loss claims divisions.
These results mean its owner, the Liverpool-based Anexo Group, has received £10m in dividends. Anexo is a credit hire and legal services group focused on providing replacement vehicles to consumers who have been involved in non-fault accidents.
Bond Turner was founded in 2006. It has a no-win, no-fee model and is focused on areas such as personal injury, clinical negligence, housing disrepair, professional negligence and complex legal claims.
Writing in the annual report, director Samantha Moss, said: “This significant level of growth reflects the growth in both housing disrepair and large loss claims, two areas where focus continues.”
She added the improvement in profits was “pleasing” as the business continued to face disruption as the court system recovered from the impact of the COVID pandemic. There have been continued delays and adjournments, she explained.
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“With the focus on driving growth from housing disrepair and large loss claims, alongside the legal services associated with credit hire, the average headcount increased to 696 from 646 in the prior year,” said Samantha.
“Staffing levels are critical to increasing the number of case settlements and resultant fee income.”
In September Bond Turner added to its headcount with the hiring of three solicitors. Carla Duprey and Kirsty Parkes joined the clinical negligence department and Jane Bedford will build a new team dedicated to cycling law.
Samantha said: “With things continuing to improve in the court system, albeit slower than we would like, and continued improvement of the large loss and housing disrepair divisions, the board remains confident the company is in a strong financial position.”