Debt free Asons hails profit rise

A GREATER Manchester law firm has revealed revenue and profit growth following a successful diversification strategy.

Bolton-headquartered Asons reported net profit of £807,753 on revenues of £4.3m for the six months to November last year.

This is in comparison to the six months to May 2016 figures, which showed turnover of £5.8m and a net loss of £1.05m.

The business is currently debt free and is forecasting a £1.7m net profit for the next financial year.

The firm also relocated from their Bark Street offices into a newly refurbished headquarters at Newspaper House, which it acquired for £1.1m as a freehold investment.

Head of finance Gareth Beardsworth said its recent success was down to an ‘innovative business model, diversifying and focusing on immigration and serious injury.’

He said: “Asons have re-focused their business plan, improving efficiency and maximising profitability whilst keeping a positive mindset in a challenging industry.”

The firm has come under controversy recently after it was found to have hiked legal costs in relation to 65 insurance claims settled between September 2013 and December 2014.

Last month, Asons agreed to repay nearly £70,000 to AXA insurance after admitting to falsely and systematically inflating its legal costs.

The firm had overstated the qualifications and experience of its legal staff to falsely inflate the bills sent to AXA.

Asons said new procedures have since been installed.

The firm has also reviewed its internal processes to become more streamlined.