Turnover dips at Simmons at the half-year stage

Simmons & Simmons’ turnover for the first half of the 2012/13 financial year was down 3 per cent on the same period in 2011/12.

Jeremy Hoyland
Jeremy Hoyland

Turnover at the firm for the first six months of 2012/13 was £121m, down from £125m in the first six months of 2011/12, when revenue was up 6 per cent on the previous year on a like-for-like basis.

In a statement, Simmons managing partner Jeremy Hoyland said: “As anticipated, the ongoing uncertainties in the eurozone and in a number of economies have made market conditions more difficult and the results were impacted by the weakening of the euro.

“On a constant exchange rate our income was flat with the prior year. Our costs have fallen from the prior year and the firm is well positioned to take advantage of developments in the second half of the financial year.”

At the end of the 2011/12 financial year Simmons’ turnover was up 3.6 per cent, to £251.7m, while average profit per equity partner rose almost 15 per cent, from £460,000 to £528,000 (19 October 2012).