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Turnover inched up at Nabarros by 0.3 per cent for the first half of 2012-13 financial year, taking it to £52.5m and marking a drop in half-year growth.
The firm’s turnover for the first half of 2011-12 stood at £52.3m, rising by £100,000 in the first half of the new financial year (21 November 2012). According to the firm work-in-progress has remained around the current an average of 39 days and it continues to have no overdraft facility.
Last year the firm posted a total revenue of £116.3m, creeping up 2.6 per cent from £113.4m the previous year but also managed to swell average profit per equity partner by 30 per cent, from £332,000 to £430,000.
Today’s half year result puts the firm on track for a similar full-year turnover to 2011/12 but marks a slower growth than in 2011/12 when it had grown half-year revenue by 2 per cent. The previous year, full year growth was 1 per cent up on 2011/12.
Corporate and real estate have been the strongest performing areas at the firm over the first six months of the year – though these were the slowest-growing practice areas in terms of revenue per partner in 2012-13.
Last year litigation revenue per partner increased by £100,000 while corporate revenue per partner decreased to £797,000 from £834,000 (14 October 2013).
The firm has been focusing on new office openings over the past year. Last week it announced plans to open in Dubai, marking the firm’s third international opening after Brussels and Singapore (21 November 2013).
The end of the year will mark the first full year of new senior partner Graham Stedman’s reign. He took up the role in January 2013 and said: “We have had a solid first half of the financial year and traditionally have a stronger second half.
“Over the last couple of months we’ve seen increased activity across the firm including in Corporate and Real Estate, and our investment in Dubai opens up an exciting new chapter.”