A transformational year, building on our strong foundations
Irwin Mitchell today announces that for FY22 its Core Group Revenue rose to £266.1m (FY21: £262.3m) with Core Group Profit before tax up from pre-COVID levels to £25.2m(FY21: £39.9m, FY20: £8.9m)in a year which saw it take a strategic decision to exit the fast-track personal injury (PI) market to focus on more complex PI cases as well as its other legal and financial services for individuals and businesses.
During the year Irwin Mitchell:
Strengthened its business model and differentiated its client service offering
- Launched a new operating model which puts clients at the heart of everything we do, delivered by its Client Services and Commercial Growth teams.
- Announced that it was withdrawing from the volume personal injury sector to focus on the high value complex personal injury market.
- Announced new strategic technology partnerships to roll out a new Client Relationship Management (CRM) platform and improved case management, increasing efficiency and collaboration across teams in serving clients’ needs, thereby providing greater insight into, and opportunities from, its client relationships.
- Post year-end, Irwin Mitchell Asset Management Limited signed an agreement (subject to FCA approval) to acquire TWP Wealth Limited, which will enable the business to scale up and expand its wealth management offering and enables cross-selling of legal services to TWP’s clients as well as financial planning advice to Irwin Mitchell’s existing private clients.
- Continued to support its colleagues’ wellbeing through its Flexible by Choice hybrid ways of working as well as a one-off cost of living payment to all colleagues (below Partner) of £900.
Continuing its journey to become a leading Responsible Business
- Appointed its first Head of Responsible Business and Environmental and Sustainability Manager.
- Launched a Group Sustainability Forum to progress key sustainability initiatives including a 2040 Net Zero transition strategy to halve the Group’s carbon impact by 2030, and plans to achieve 100% renewable electricity across its offices by 2025.
- Won various awards which recognise the exceptional level of service the Group continued to deliver for its clients, including number one Superbrand for the second consecutive year; and number one for overall client service out of the top 25 UK firms across all areas of law by the independent Legal 500 guide
- Irwin Mitchell is recognised as an employer of choice and have been a member of the Great Place to Work (GPTW) for six years and achieved a rank of 16 in the latest GPTW rankings (2022)
“This was a transformational year for Irwin Mitchell as we implemented several changes designed to increase our operational resilience and agility, enhance our clients’ experiences and promote greater collaboration amongst our colleagues. Our results this year, while robust and significantly ahead of pre-pandemic levels, are set against last year’s exceptional performance which benefited from the wide range of one-off cost saving measures that helped to protect Group profitability and preserve cash during the pandemic.
“We have made a strong start to FY23, opening two new offices in Liverpool and Cardiff and announcing the acquisition of TWP Wealth to add further capability to our wealth management services. We are mindful of the current macroeconomic and geo-political environment; however, we are confident that our trusted reputation, leading approach to Responsible Business, differentiated business model and healthy balance sheet position us well for continued long-term, sustainable growth.” Andrew Tucker CEO
Irwin Mitchell made the decision to change reporting basis in FY22 to International Financial Reporting Standards (IFRS). This in turn means the Group has also presented its prior year figures in relation to FY20 and FY21 under IFRS. The change to IFRS reflects the Group’s desire to move towards best-in-class reporting and enhanced level of disclosure.
‘Core Group’ refers to performance in our three core segments: Complex Personal Injury (CPI), Life Cycle Legal Services (LCLS) and Financial Asset Services (FAS). It excludes the Non-Core Volume Personal Injury (VPI) business which is in run-off following our announcement in September 2021 that we are exiting this segment of the market.
Group Revenue for FY22 was £275.7m (FY21: £283.3m) with Group Profit before tax £21.2m (FY21: 43.1m).