South Manchester private damage regulation agency, Categorical Solicitors, has achieved its third consecutive yr of document turnover.
The Prime 100 agency, which is consolidating into a brand new Wythenshawe base following the £4.4m acquisition of recent workplace area, noticed group turnover within the yr to December 2022, bounce by 12.5%, to £36m. It goals to achieve revenues of £60m throughout the subsequent 5 years.
Turnover elevated quickly over the previous three years from £22.6m in 2020, to £30.4m in 2022, whereas medical reporting company, Ontime Group, elevated turnover from £5.3m to £5.9m.
Caseloads over the yr have grown to greater than 22,000.
Pre-tax income for the yr fell, from £3.593m in 2021 to £2.638m, reflecting funding in recruitment, advertising and rising caseloads.
Charges on circumstances are usually not recovered for round two years, so this funding might be realised additional down the road.
Managing associate, James Maxey, mentioned: “Now we have actually accelerated our bold development plans this yr, enabled by the continual funding of RBS.
“We intention to achieve a turnover of £60m throughout the subsequent 5 years.”
Advertising spend elevated to £12m, with digital assets deployed to enhance web site site visitors and elevated PPC working alongside the agency’s established advertising routes.
With recruitment and coaching additionally being ramped up, headcount on the agency has elevated from 389 to greater than 500 employees.
Mr Maxey added: “Yet one more extremely profitable yr at Categorical Solicitors and we’re delighted with our progress towards the agency’s development plan.
“Our group has labored tirelessly, and the outcomes are hanging. As we take a look at the subsequent part of our strategic plan for this monetary yr we have now all of the experience and assets obtainable with a view to obtain our goals.”
Previously monetary yr, Categorical Solicitors efficiently acquired one other private damage regulation agency, Michael W Halsall Solicitors, along with its fashionable Haydock workplace, and is getting ready to switch head workplace to the £4.4m constructing bought just lately which may accommodate 1,000 employees.
Maxey mentioned the agency is on the hunt for different appropriate acquisitions because it presses to turn into the ‘primary’ claimant private damage agency within the UK.
