Interpath sees boom in annual revenues and profits for 2024 financial year
A year has made all the difference for Interpath Advisory, with operating profits booming by some 300%, according to the company’s latest filings. The news comes as Interpath continues to expand into new overseas markets.
Mark Raddan, CEO of Interpath, commented, “This has been another landmark year for our business. Our continued investments into our people, our infrastructure and the expansion of our advisory services and international footprint have proven to be strong pillars for growth, with double digit increases in both revenue and profit. Above all, these results are testament to our exceptional people who continue to go above and beyond to help our clients navigate a challenging and unpredictable economic environment.”
The news represents a major change of fortunes from last year’s figures. In late 2023, Interpath reported that while advisory revenues had boomed from £2.8 million to £26.9 million, the firm’s pre-tax losses widened to £10.6 million leading to March 2023. Those results came ahead of a major shift at the firm, with previous CEO Blair Nimmo (once the restructuring head of KPMG) replaced by Interpath’s then-head of advisory, Raddan.
In the months since, the firm has sought to double down on its exciting growth in advisory work, recruiting market-leading talent, all with deep sector specialisms. In the past year, this has included a number of strategic team lifts, including the hire of Nick Parkhouse, Stuart Mogg and Jenna Picken to lead Interpath’s financial services deal advisory team in the UK. Other recent managing director hires in advisory include Jayshree Shah, who leads Interpath’s healthcare and life sciences team.
As a result, Interpath’s advisory capabilities have continued to grow at pace, recording revenues of £41.8 million, a further 55.4% rise against the previous financial year, and cementing Interpath’s standing as a multi-disciplinary, financial advisory business.
However, Interpath has also seen improvement in its traditional bread-and-butter work too. As restructuring remains at the core of the firm, the international provider of restructuring and turnaround services has see its restructuring capabilities deliver revenues of £121.8 million for the period, up by 5.8% - suggesting the “false dawns” which slowed the firm’s performance last year may finally be abating.
Looking ahead, that is set to improve even further, thanks to the expansion of Interpath’s global network. The firm’s headcount now stands at over 900 people, including 84 managing directors, across 21 locations in the UK, France, Ireland, the British Virgin Islands, the Cayman Islands, Bermuda and Algeria.
Raddan explained, “The last 12 months have seen us really kick-on with our ambitious international expansion plans, including taking our first steps into mainland Europe and the opening of our new office in Bermuda. In particular, the launch of our operations in France, and the acquisition of KPMG’s Restructuring business there, show a real statement of intent and a sign of what’s to come. This deal adds €20 million of revenue, over 100 colleagues, including some of the leading practitioners in the market, and immediately establishes Interpath as a top restructuring and financial advisory business in France.”
All this has paid dividends in the health of the overall firm’s balance sheet. According to Interpath, its revenues grew by 15% over the last financial year, hitting £163.6 million. But more importantly, its operating profits grew by a reported 301%, to hit £26.9 million.
