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Stephenson Harwood has announced a 3 per cent turnover hike for the 2011-12 financial year, with the rise coming amid an 18 per cent drop in the firm’s average profit per equity partner (PEP).
The City firm has reported annual fee income of £110.2m for the financial year, a figure up on last year’s £107m, which saw it break £100m for the first time (11 May 2011).
However, it has posted an 18 per cent drop in PEP from £610,000 in 2010-11 to £500,000 this year, with the firm putting the decrease down to a 19 per cent hike in the size of the firm’s equity partnership.
CEO Sharon White said the revenue hike brought the firm’s total turnover growth for the past four years to 30 per cent, adding in a statement: “We continue to invest in the long-term development of our core practices and our international offering.”