好色先生TV

Consultant Gardiner & Theobald has suffered the most challenging 12 months of its 169-year history, according to a statement in the group鈥檚 accounts for the year ending April 2009.

Managing partner Simon Jones said the 鈥渞easonable鈥� headline figures do not represent the difficulties the business has faced since May this year. He said: 鈥淲e entered summer with little idea of just how soon the effects of financial disasters on the other side of the Atlantic were to hit us, and hit us hard.鈥�

Despite a 7% rise in turnover to 拢143m thanks to strong performance overseas, pre-tax profit dropped 15% to 拢21m.

In the UK, turnover only rose 1% to 拢109m, while there was 31% growth overseas to 拢34m during the same period. The North America business performed particularly well, with turnover climbing from 拢7.4m to 拢11.3m, and the figure in Europe rose from 拢12.9m to 拢15.6m.

After a record monthly fee billing of 拢9m in May 2008, the figure fell by 25% over the last 12 weeks of the year. Jones said: 鈥淲ith turnover falling in the second half of the year, profits naturally came under pressure. Redundancies were very upsetting and very expensive.鈥�

The effects of financial disasters on the other side of the Atlantic hit us, and hit us hard

Simon Jones, managing partner

In July, 好色先生TV revealed the firm had cut the number of partners from 179 to 155 and shed an undisclosed number of staff.

Tony Burton, a partner, said the hope was that there would be no need to downsize further, but admitted that, depending on the economic situation in 2010, 鈥渋t could go either way鈥�.

The company predicts a stable 2010/11, with turnover set to remain at about 拢6m per month for the next few months. It added: 鈥淎 number of countries appear to be heading towards a recovery, but we have yet to see this translate into direct fee income.鈥�

The group鈥檚 profits are being retained within the business 鈥渁s a measure to provide protection against what could transpire to be a more prolonged downturn than expected鈥�.