Pinsent Masons stepped up its stake in tech product Cerico in the last financial year, meaning it now owns 60 per cent of the business, the firm’s LLP filings have revealed.
Pinsents’ majority stake is now valued at £500,000. Cerico turned over £643,000 in 2015/16 and suffered a loss of £134,000.
Meanwhile, Pinsents’ operating profit increased by 5 per cent from £113.2m to £119m last year. Overall turnover increased by 5 per cent from £363.6m to £382.8m.
Total staff costs rose by 7 per cent from £155.5m in 2015 to £166.9m last year, and the total amount of bonuses to members fell by 5 per cent from £856,293 in 2015 to £810,490 in 2016.
The Lawyer revealed last year that the firm was on the hunt for a Dublin base in addition to its existing Belfast office and that the firm planned to hire around 20 lawyers and further business services staff.
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