A&O’s turnover up 3 per cent at half-year stage

Allen & Overy (A&O) has seen turnover rise three per cent in the first half of the current financial year, bringing in £526m.

Wim Dejonghe
Wim Dejonghe

Last year the firm made £511m during the comparable period, a seven per cent drop on the previous year (6 November 2010).

In a statement the firm said that over half the turnover was generated outside the UK, highlighting “strong performances across Asia Pacific, London, Moscow and New York”.

Global managing partner Wim Dejonghe admitted that the three per cent rate of growth was “nothing spectacular” but added that it was nonetheless “steady growth” and “in line” with expectations.

He did not specify what current utilisation rates are, but said that he was “reasonably optimistic” because “activity levels are quite encouraging.”

Asian offices were boosted, he said, by the firm’s advice to on the the joint sponsors, bookrunners and managers on the initial public offering Agricultural Bank of China as well as what the firm claims is the largest IPO in Singapore.

The firm has embarked on a major expansion drive over the last year, opening offices in Sydney, Perth and Doha. It has also launched an associated office in Jakarta and made a string of lateral hires.