Revenue growth is not the same as PEP expansion
HFW reported record revenue of £270.
BY ECONOMICS DESK · MAY 28, 2026 · 1 MIN READ
HFW reported record revenue of £270.8m, up 8%, and profit of £77.2m, up 2%, but PEP fell from £855k to £828k. For firm leaders, the lesson is that expansion through teams, international network and sector strategy can strengthen the institution while still diluting equity-partner economics in the short term.