The year in focus

Our Corporate Finance team has extended a three-year run of success – building on a buoyant private equity market, a good deal pipeline for smaller public companies and PFI work in the secondary market to increase fee income by 19 per cent. "This is the result of clear market focus, investment in people development and selective recruitment" says Head of Corporate Finance Stephen Bourne.

Over the last three years we have been reporting accountants on more AIM IPOs than any other accountancy firm. Recognition for the quality of our service included Growth Company Investor's award for AIM Accountant of the Year and M&A Magazine's award for M&A Accountancy Firm of the Year. Although the number of AIM flotations fell in the first half of 2007, we continued to bring strong, quality businesses to AIM from across the globe – including US-based Maxjet Airways and leading Dutch property company Direct Wonen NV.

In our core sectors we led deals such as the £320m acquisition financing for Mosaic Fashions, the £130m secondary buy-out of IT services business 2e2, and the £38m public to private of recruitment consultancy Whitehead Mann (Acquisitions Monthly's AIM MF;A Deal of the Year). Our investment in regional teams enabled us to advise on some excellent mid-market deals, including the £50m development capital raising for Personal Touch Financial Services and the sale of communications services company Sirocom to Azzurri Communications.

We have also seen significant growth in demand for Vendor Due Diligence Services, including the £86m acquisition of fruit snacks specialists Whitworths and the £61m investor buy-out of Clinisys, a provider of technology solutions to the pharmaceutical industry. Growing secondary market demand in the PFI sector almost doubled our PFI fee income.

Looking ahead

We continue to recruit high calibre people and appointed five new partners in July, including three internal promotions. We recently established a Property Funding team in London to further support our focus on our core sectors and a Plc Advisory team in the Midlands; and our Midlands-based broking service, which identifies acquisition opportunities for clients, is being extended to provide national coverage.

"Our aim is to take revenues past £50m," says Stephen, "and we have the people on board to do it. Market conditions are tougher, but our ongoing investment in developing business leaders will support further fee growth and new partner opportunities over the next year."