EC Harris ups profits

The figure is up from £25m last year. Chief executive Philip Youell said the growth was due to operating in more sectors and achieving success abroad. Turnover for the limited liability firm grew by just over £11m to £175m for the period.

The figures revealed through Companies House also show that chairman Richard Clare earned a salary of £540,000 in the period, up on £531,000 in 2004-05. Average profit share for the 199 equity partners in the firm stood at £129,000, up from £126,000 last year.

EC Harris has made in-roads into reducing its pension liability over the year. The estimated deficit has reduced from £10.7m to £7.8m after the firm increased its contribution to the pension scheme. Youell said: “Compared to other firms the liability is a big sum of money and we would prefer not to have it, but we are doing what we can to bring it down... It should be lower next year.”

Compared to other firms the pension liability is a big sum of money and we would prefer not to have it

Philip Youell, EC Harris

Youell said the results were partly due to the firm’s success in the Middle East and Europe, particularly Eastern Europe. He revealed plans to establish a new base in either Turkey, Moscow or Riga in Latvia. The move could involve an acquisition.

Youell also cited investment in a number of new sectors during the past three years, including industrial and retail. In the industrial sector, he said key business wins had been two major commissions from Shell to advise it on global procurement and the project controls contract for Sellafield nuclear power station. EC Harris won the deal alongside joint venture partner Turner & Townsend. It is worth £10m a year in fees.