First-half revenue flat at Stephenson Harwood

Stephenson Harwood has announced flat revenues for the first half of the 2012/13 financial year, with income unchanged at £51.4m.

The firm cited “tough market conditions” for the static performance, which follows last year’s 4 per cent growth in first-half turnover (24 November 2012).

The firm brought in fees worth £49.6m in the first half of 2010/11 and £51.4m for the same period in 2011/12.

CEO Sharon White said in a statement: “We’ve maintained steady financial results in what continues to be tough market conditions.”

The firm posted a 3 per cent rise in turnover for the whole of the 2011/12 financial year, with billings hitting £110.2m compared with £107m in 2010/11 (13 July 2012). Average profit per equity partner dropped by 18 per cent during the same period amid a 19 per cent increase in the size of the firm’s equity partnership.

The firm’s results follow a string of half-year revenue drops for City firms, with Simmons & Simmons today revealing a 3 per cent decrease compared with the first six months of 2011/12 (28 November 2012).