Boutique advisory firm D'Angelin & Co reported a 9% increase in profit for the year ended 31 December 2023, reaching £4.2 million, according to its latest accounts filed at Companies House. The firm's revenue also grew by 12% to £18.5 million, driven by increased demand for its restructuring and special situations advice.
Performance in a Challenging Environment
The company said the results were achieved in a "subdued market" characterised by lower deal volumes across the UK and Europe. Despite the headwinds, D'Angelin & Co expanded its client base in the healthcare, technology, and business services sectors.
According to the accounts, the firm's operating margin improved slightly to 22.7%, up from 21.9% in the previous year. Staff numbers increased to 45, with average remuneration per employee rising 5% to £112,000.
Strategic Focus Areas
D'Angelin & Co said it had invested in its senior team during the year, including the appointment of a new partner in its healthcare practice. The firm also launched a dedicated special situations desk to capitalise on market dislocations.
"We have deliberately positioned the firm to help clients navigate uncertainty, and this has resonated well in the market," said managing partner Charles D'Angelin in a statement accompanying the accounts. "Our pipeline for 2024 remains strong, and we are cautiously optimistic about the year ahead."
Outlook and Future Plans
Looking forward, the firm said it expects market conditions to remain challenging in the near term but sees opportunities in distressed M&A and refinancing work. It plans to continue hiring selectively and to expand its advisory services in the energy transition space.
The company reported a dividend payment of £1.5 million to its shareholders during the year, in line with its policy of returning excess capital. Cash reserves at year-end stood at £6.8 million, providing a solid buffer for future investments.
