Net profit leaps 10 per cent as revenues rise to £366m
Eversheds has posted its first revenue rise in three years, with turnover growing 3 per cent in the 2011-12 financial year.
Turnover at the firm for the 2011-12 financial year was £366m, a 3 per cent increase on 2010-11 when revenue stood still at £355m. Net profit at the firm also jumped 10 per cent, from £72.2m to £79.4m, while average profit per equity partner increased 14 per cent to £632,000, up from £555,000.
According to the firm all major practice areas managed to increase revenue. Financial services dispute resolution was up 16 per cent, capital assets grew by 20 per cent, while energy and natural resources rose 19 per cent.
Eversheds’ Asia offices grew by 26 per cent while the firm’s Middle East offices, which were established through a merger with consortium KSLG in May 2011 ( 25 May 2011), jumped 100 per cent.
In a statement, Eversheds’ chief executive, Bryan Hughes said: “The business has delivered a strong set of financial results for 2011/12 which once again is a testament to much hard work and effort across all of our teams, particularly given the ongoing challenges of a tough economic climate.
“This is a return to growth for the firm following three years of declining or flat revenues which is very encouraging and through continued focus on managing the margins it is pleasing to see this growth cascade down to the bottom line. Whilst we are targeting top line growth again, we would not anticipate a significant increase in profitability and PEP this year as we see now as the time to up the scale of investment, particularly internationally and we also expect to increase the number of equity partners in the business, both through promotions and lateral hires