Stephenson Harwood turnover nudges up 3 per cent as PEP falls

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.

Last year PEP rose by 9 per cent alongside a 15 per cent increase in net profit.

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.”