Global financial performance has been relatively strong in 2019, with 80% of Top 10 and 86% of Top 11-25 firms delivering fee income growth in excess of 5%. This was accompanied by profit growth in most firms: 80% of Top 10 firms grew net profit (by between 4% and 11%), whilst three quarters of Top 11-25 firms grew profit (by between 1% and 18%). These are positive results, particularly given the challenging nature of both the UK and global markets.
Average fee income increased in the Top 10 by 6.1% to £1,037m, and in the Top 11-25 by 8.1% to £270m. Profit growth averaged 6.5% to £406m for Top 10 firms, and 5.8% to £92m for Top 11-25 firms.
Global firms are responding to the ever increasing pressure on UK fee income and profits by focussing their growth efforts on the international market - a strategy which is paying dividends.