RPC continues story of strong growth, breaking £100m turnover barrier
FY16 top line growth at 6%
Firm grows organic revenue by 67% since 2011
City-headquartered firm RPC has announced its provisional results for financial year (FY) 2016, with revenue breaking through the £100m barrier (£100.5m) for the first time. This represents a 6% increase in the top line from FY2015, continuing the firm's long-term trend of double-digit compound growth.
Profit from the core law firm business rose by around 1%, building on RPC's best ever profit performance in FY2015. On top of this, RPC made very significant investment in RPC Tyche [from 30 May 2020, RPC Consulting became RPC Tyche LLP] – the firm's insurance management consultancy business – software company Marriott Sinclair, and the establishment of RPC Premier Law, the Joint Law Venture in Singapore.
RPC Managing Partner Jonathan Watmough said: "We're very pleased with the result. We had a stellar year in FY2015, so to be able to replicate that and add a further 6% on top is a great achievement from everyone at RPC, particularly given the uncertainty in Q4 driven in no small part by the referendum.
"Profit is in line with expectation given the major investments we knew we would be making across the business. We anticipate seeing that investment starting to make a significant impact on the top line this year.
"The major story for me, though, is the sustained organic growth we've achieved over the past five or six years. Given the nature of our investment cycle we expect some fluctuation, but the trend of double-digit compound growth is testament to the success of our long-term strategy."
RPC Consulting – the firm's insurance management consultancy business – opened in 2015. The service supports insurance companies across the spectrum of strategic management, including capital optimisation, risk management, regulatory compliance and profitability. The business was boosted in July last year with the acquisition of software and actuarial consultancy Marriott Sinclair and its market-leading proprietary financial modelling solution Tyche. Less than a year in, this business now has a complement of 40, including 26 First Class degrees and 13 Phds.
The final in a trio of major investments was the establishment of RPC's Joint Law Venture in Singapore. The combination with local firm Premier Law – to form RPC Premier Law – officially launched on 1 May 2016, doubling RPC's size in Singapore and significantly expanding the firm's corporate, dispute resolution, and insurance capability in Asia.