Allen & Overy announces financial results for year ending 30 April 2013

Allen & Overy has announced its financial results for the year ending 30 April 2013. According to the law firm, the results reflect a year of consolidation for the business against a backdrop of challenging market conditions, with encouraging signs of a recovery in the fourth quarter.

Turnover was up £6.8m (0.6 per cent) to £1.19bn, while profit (before tax and exceptional items) was up £10.7m (2.2 per cent) to £496.7m.

Profit per equity partner was maintained at £1.1m.

Allen & Overy reported particularly strong performances in its emerging market practices, particularly central and Eastern Europe, the ASEAN markets and Morocco. Strong performances were also seen in more mature markets such as Germany, Japan, London and the Middle East.

In addition, the law firm opened new offices in Istanbul, Ho Chi Minh City and Hanoi.