Simmons’ revenues inch up to £250m as profits jump 15 per cent

Simmons & Simmons has announced its year end results for 2011-12, posting a near 4 per cent rise in turnover and a near 15 per cent rise in average profit per equity partner (PEP).

Turnover at Simmons in the 2011-12 financial year was £251.7m, up 3.6 per cent on 2010-11’s £242.9m. Average PEP, meanwhile, was up 14.8 per cent, from £460,000 in 2010-11 to £528,000 in 2011-12.

The small increase in turnover puts Simmons roughly back where it was in 2009-10, but the PEP figure is the highest it has been since 2007-08, when it was £647,000.

In a statement, managing partner Jeremy Hoyland said: ‘‘It’s pleasing to see the growth in our business, despite it having been another challenging year for the market. This performance demonstrates the strength of our sector based approach, as well as the contribution of all of our people, working together for the benefit of our clients.’’

‘‘In the year ahead, we will be building upon the firm’s strengths, including our sector programme, which is a true differentiator that provides us with a strong platform for growth,’’ he added.