Clydes posts £7m increase in turnover

CLYDE & Co has reported a four per cent rise in turnover for the 2009-10 financial year, up from £185m to £192m.

The firm’s average profit per equity partner (PEP) figure rose by 10 per cent after remaining at £550,000 for the past two years. PEP for 2009-10 is £605,000.

In the past year Clydes has broadened its geographical base, with new offices in New Jersey, Saudi Arabia and Tanzania. It has also formed a best friends alliance with India’s ALMT, giving it a route into the Indian markets.

Approximately 42 per cent of Clydes’ revenue is now generated outside the UK, with the firm’s US arm reporting a 29 per cent rise in turnover and its Middle East branch’s turnover holding up well.

Chief executive Peter Hasson explained that the firm’s aviation lawyers had underpinned its growth.

“Pricing pressures remain intense and our growth has resulted from greater ­volume, not price increases,” he added.