Allen & Overy has announced its half-year financial results for the period 1 May 2013 to 31 October 2013.
Turnover is £608m, up 7.5 per cent on the same period last year (£566m). The results reflect a steady improvement in trading conditions in most markets, with particularly strong performances in London and across the Asia-Pacific region. The results are underpinned by improvements in the finance and litigation practices.
High-profile instructions over the past six months include the litigation practice being heavily engaged across New York, London and Hong Kong in dealing with the fast-moving foreign exchange probes; advising The Co-operative Bank and The Co-operative Group on the proposed recapitalisation of The Co-operative Bank; and advising the export credit agencies and commercial lenders on the $5bn (£3bn) financing for the $9bn Nghi Son Refinery and Petrochemical Project in Vietnam.
Other high-profile instructions include the first deal to be financed using ING and NIBC’s Pebble-commute financing structure; providing funding for the new €300m (£250m) Zaanstad Prison in the Netherlands; and instructing GlaxoSmithKline on the £1.35bn disposal of its nutritional drinks brands Lucozade and Ribena to Suntory Beverage & Food.