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Nabarro’s turnover increased 2 per cent for the first half of 2012-13 compared with the previous year, rising to £52.3m.
Nabarro’s turnover for the first half of 2011/12 was £51.2m, and has risen to £52.3m in the first six months of 2012-13, according to unaudited figures. According to the firm, work-in-progress has also increased, while the firm continues not to have recourse to an overdraft facility.
Nabarro’s full-year turnover figure for 2011/12 was up less than 1 per cent on the previous year, at £113.4m. Average profit per equity at the firm rose 4.4 per cent over the same period, from £318,000 to £332,000. At the same time that Nabarro released its 2011/12 turnover figures, the firm revealed that it had also been cutting partners in response to the difficult economy (28 May 2012).
In a statement Nabarro senior partner Simon Johnston, who will stand down from the role in January 2013, said: “Our full year results for 2011/12 marked a return to growth for Nabarro. I am pleased that we have maintained this momentum during the first half of the financial year with a 2 per cent increase in turnover.
“We now have an encouraging platform on which to build the firm’s future under new leadership when Graham Stedman takes over as senior partner in the New Year. Although the market and the economy remain uncertain, I would characterise our outlook for the remainder of 2012/13, traditionally our strongest half, as cautiously optimistic.”
Corporate partner Graham Stedman will replace Johnston as senior partner after winning a contested election in October (24 October 2012).