Eversheds turnover stalls as profit inches up

Profit is up but turnover is static at Eversheds, with revenue stuck at £355m for the 2010/11 financial year.

Profit is up but turnover is static at Eversheds, with revenue stuck at £355m for the 2010/11 financial year.

Net profit is up, from £70.1m to £72.2m, at the firm, while profit per equity partner (PEP) is up 7 per cent on the past financial year, from £516,00 to £555,000.

In terms of sector revenue, the commercial litigation practice grew 21 per cent, financial services 10 per cent, and competition and regulatory 34 per cent. Real estate grew 11 per cent, while the energy and health groups grew by 33 per cent and 24 per cent, respectively.

Eversheds’ Asia practice grew 22 per cent, while the Middle East grew 4 per cent.

In the 2009/10 financial year, turnover dropped 3 per cent from the previous year, from £365.9m to £355m.

In a statement, Eversheds chief executive Bryan Hughes said: “This is a very solid set of results. Whilst revenues were flat, the continuing trend of rising profits, coupled with a very favourable cash position emphasises the robustness of the business. What is particularly pleasing is that we are achieving significant profitable growth in a number of our strategic growth areas.

“No one is yet calling the end of the recession, however, we are hopeful that we are through the worst and are confident about the next 12 months and the strength of our business.”