LAW firm Brodies has continued to hoard cash after posting its seventh consecutive year of rising turnover.

In the year to the end of April the firm’s turnover was up by 2.5 per cent to £66.7 million while profits before partner distributions rose by 2.6 per cent to £31.7m. Over the same period its cash balance increased by 14.4 per cent to £18.2m.

Over the past decade the firm has upped its cash position by 2,036 per cent while turnover and profits have increased by 80 per cent and 110 per cent respectively.

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Managing partner Bill Drummond said the firm has built up the large cash position to facilitate its"independence and investment capacity".

"As a business, we are able to make up our own mind about how we invest, and when we do so we do it on a strategic basis, understanding that however well you plan, it can take longer than expected to achieve a return on investment - especially when events take an unexpected turn," he said.

"We took a similar approach before the great financial crisis and were very glad of it at that time.”

Noting that the year’s results were “satisfactory” given the backdrop of Brexit, Mr Drummond said it is vital for Scotland’s economic future that Brexit negotiations are “pragmatic and collaborative”.

“It is especially important that Scotland is able to retain and welcome workers from the EU and elsewhere who make such a valuable contribution to most sectors of our economy,” he added.