Allen & Overy (A&O) is once again the first magic circle firm to post its half-year results, and get your fill because it’s probably the only one that’s going to reveal them too. Are the others just too scared?
A&O has been just as upfront about its figures this year despite the numbers not being so hot. At this point last year the firm was in enviable shape, posting an 11 per cent revenue rise, though by the end of the year that had mellowed to 6 per cent.
Alas, for the first six months of 2012/13, A&O has posted a 3 per cent drop in revenue, from £582m to £566m. But, never one to take bad news lying down, A&O has asserted that if the results are viewed on a constant currency basis turnover actually grew by 1 per cent. Even better, presented in euros revenue rose by 6 per cent from €664 to €703.
“This is really a story about exchange rates,” said managing partner Wim Dejonghe. There was no word on how the firm would have done if the results were presented in 1989 Argentine pesos, however.
Other firms to have offered up their half-year financials so far include Weightmans, which was up by nearly 9 per cent, and JMW, which was up by 14 per cent, But at this stage, it’s still very much an incomplete story.
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