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Olswang has reported a 3 per cent growth in total revenue, from £108m last year to £111.3m in 2012/13, while average profit has fallen by 4 per cent.
The firm said that while its final financials are subject to verification and audit, it anticipates seeing its profit pool matching last year’s performance. This will result in an average profit per equity partner (PEP) figure of £510,000, a 4 per cent decrease from last year’s £530,000.
In the previous financial year Olswang reported significant growth in both total revenue and PEP, with the former rising by 17 per cent and the latter by 30 per cent.
Olswang CEO David Stewart admitted that the 2012-13 had been “more challenging” than the previous year, as had achieving similarly impressive financial results.
“We had a tough first half, but the firm had a better third and fourth quarter, and we’re content with the overall result given market conditions,”said Stewart, who pointed to “stand-out contributions” from the firm’s German, Belgian and Spanish offices along with Olswang’s IP and corporate practice groups.
“We have budgeted for a significant rise in turnover and profits this year, as our investments in new partners and offices pay dividends, and our three-year plan is ambitious: we’re aiming to be in the top 20 by 2016,” added Stewart. “Our international offices have increased their overall revenue contribution by 35 per cent this year, and international turnover is planned to be over 40 per cent of total revenues by 2016.”
Stewart said the market continued to be challenging, but the firm remained confident that its technology, media and telecoms sector-focused strategy, along with its “commitment to maintaining a collegiate and collaborative partnership”, was “the right way to go”.