Nabarro has reported a 4 per cent increase in turnover during the first six months of the 2015/16 financial year, with revenue increasing from £54.1m to £56.3m.

The figures are a continuation of solid results for the firm, which saw turnover increase by 3 per cent from £52.5m at the half year point for the 2013/14 financial year. Nabarro’s revenue continued to grow throughout the year with the firm posting an increase in turnover of 8 per cent, from £116.7 to £126m for the full year.

The firm’s transactional teams have performed well with the firm’s real estate and dispute resolution division showing particular growth.

In May Nabarro launched its new three-year strategy, which focuses on growing the four key sectors of its business. These are healthcare and life sciences, infrastructure, real estate and technology. Along with this Nabarro aims to increase the work it wins from international clients by a third.

Senior partner Graham Stedman described the results as “encouraging” and said the “programme of change” the firm was introducing over the coming months would help develop relationships with current and future clients.

Stedman recently announced his retirement from the legal industry and will step-down from his role a year before his term comes to an end. Elections for his replacement will take place in March 2016.

Average profit per equity partner (PEP) at Nabarro has seen double-digit growth over the last three years and currently stands at £576,000.  However, the firm has also worked to manage its costs and has no debt and an unused overdraft facility.

Last year Nabarro opened an office in Dubai and the firm has continued to invest in the office since it opened. The office originally launched with four lawyers but the team has continued to grow and now stands at 12.

The firm is also looking to increase its international presence through the formation of a joint venture in Singapore. Although it is unknown which firms Nabarro is looking to work with the firm’s Singapore managing partner Steven Lim has been granted a mandate to explore opportunities in the region.