Insurance specialist RPC banked a £36m profit on last year’s sale of software business RPC Tyche, newly published accounts reveal. The one-off gain boosted profit before member remuneration to £77m for the year ended 30 April 2022, up from £44.6m in the previous 12 months. 

RPC Tyche, which was jointly owned by RPC and software and consultancy business Marriott Sinclair, was sold to global professional services business Aon in March 2022. RPC announced at the time that a ‘significant share’ of the proceeds would be reinvested in the law firm.

A note to the accounts records that the firm’s partners are 'entitled to receive a share of the gain on disposal of RPC Tyche amounting to £36,383,542', but no further detail is given.

Excluding the one-off gain, group operating profit fell from £45m in 2021 to £41.1m, on income which climbed from £135m to £149m. The highest-paid of 75 partners received £2.4m, down from £2.8m in 2021. 

Staff costs increased by more than £11m as employee numbers grew by over 100 to 774. Overheads rose 16%, reflecting in part a return to 'pre-pandemic normality', the firm said. 

RPC has offices in London, Bristol, Hong Kong and Singapore. 

The firm said: 'Insurance and technology are core sectors for us; the success and sale of the platform is a testament not just to that expertise, but also our partnership with Marriott Sinclair. We will be investing a significant proportion of the proceeds into RPC as we continue to achieve our ambitions for our clients and our people.'