STRONACHS, the Aberdeen-based law firm, has maintained profit levels amid the continuation of challenging market conditions.
The firm, which has offices in Aberdeen and Inverness, reported profit before members’ remuneration and profit shares of £2.06 million for the year ended May 31. Revenue also remained broadly steady at £7.5m, new accounts show.
The period coincided with the depths of the oil and gas industry downturn following the collapse in crude prices, which led to thousands of job losses.
“2015/16 saw a continuation of the very difficult market conditions encountered during the previous and consequently 2015/16 was again a challenging one,” the firm said.
“Reflecting theses adverse trading conditions and in line with expectations, turnover flat-lined.”
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