3
UK financial update
The end of October marked the end of the first half of our financial year. Overall we are in a good position as we enter into the second half of the year. Fees billed and fees collected, while up on last year, remain behind budget, something that will remain a focus for all practices in the coming six months. W ork in Progress (WIP) is also a key indicator on how the business is growing and performing. At the half year point WIP is 18% up from last year at £220.8m. This is 1% below our budget target, however it is a strong start and we have opportunity to catch up over the second half of the year. It’s great to see this strong year-on-year growth and even though we remain slightly behind budget we have entered the second half of the financial year with great momentum. It is really important we remain focussed on recording our time accurately and ensuring we bill and collect fees for the work we have done. For a fuller update on how the UK has performed at the half way point, you can watch a recording of the recent UK townhall here.
H1 23/34 vs H1 22/23 vs Budget
Total WIP Added
£220.8m +18%
-1%
Total Fees Billed
£181.1m +15%
-5%
Total Fees Collected
£175.7m +10%
-10%
Lock up
176 days
157 days
6.5 (min expectation)
Utilisation (Hrs/Day)
5.9
+2%
Made with FlippingBook flipbook maker