A solicitors firm which has offices in Manchester and Southport carried out a series of investments during its latest financial year which saw its turnover increase.
Fletchers Solicitors has reported a turnover of £32m for the 12 months to 30 April 2020, up from £30.1m during the same period in 2019.
The firm's pre-tax profits dipped from £7m to £3.9m as a result of the investments as well as the Covid-19 pandemic which impacted the final stages of the financial year.
A statement signed off by the board said: "Investment in the business is one of the key factors influencing the results for the year.
"Fees continued to increase with turnover a healthy 6.3% up on last year to £32.1m.
"Administrative expenses increased by £4.1m during the year as we continued to invest in the front end of our business.
"Marketing spend was up 25% as we pursue the growth and development of our case load via the 'Patient Claim Line' brand.
"We also invested in our links with the major trauma centres in Preston and Liverpool as this has generated an uplift in more complex, higher value cases.
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"In order to deal with this growth, we have invested in our people with salary costs up by 9%.
"In addition, the rate of pension contributions increased to 5% of salaries which has more than doubled our pension costs."
On Covid-19, the business added: "Whilst the pandemic only marginally impacted on the 2020 results, it will present some challenges but also opportunities to the business going forward.
"We have seen a reduction in traffic as a result of the pandemic leading to a decrease in motorbike accidents and claims but we remain confident things will return to normal once vaccine is introduced."
The firm received a £4m Coronavirus Business Interruption Loan in August 2020.