City firm Harbottle & Lewis has reported a 30% increase in operating profit off the back of a double-digit climb in turnover despite the ‘initial uncertainty’ of the impact of the pandemic on the business.

Operating profit for the year to 31 May 2021 was £26.6m, up from £20.5m the previous year, with turnover increasing from £40.8m to £46.4m, according to firm’s annual financial statements. 

While turnover from activities in the UK dropped slightly, Harbottle nearly doubled its revenue from outside the UK from £10.5m to £19.1m last year.

Harbottle almost tripled its net cash position, with cash and cash equivalents at the end of the financial year up from £6.4m to £17.9m. The firm’s highest-paid partner’s estimated share of profits rose by 60%, from £1.8m to £2.9m.

The statements reveal that the firm borrowed £5m under the coronavirus business interruption loan scheme, of which £2m has been repaid.

Harbottle said it ‘continued to trade well throughout the Covid-19 pandemic’ and is currently ‘performing ahead of both budget and prior year’.