Asian strength helps Ashurst post rises in turnover and PEP

Ashurst has announced a 3.5 per cent increase in turnover for the 2010-11 financial year and a 5 per cent hike in average profit per equity partner (PEP).

Simon Bromwich
Simon Bromwich

Turnover rose to £303m, up from £293m in 2009-10. PEP rose from £689,000 to £723,000 in the same period. The firm’s equity spread also improved, with those at the bottom of equity now taking home £390,000 while plateau partners received £1.013m.

Net profit rose 8.5 per cent to £107m from £98.5m in the previous financial year.

Managing partner Simon Bromwich described the last 12 months as a “year of good consolidation” and expansion across Europe, Asia and the US.

Bromwich said he was proud that the firm had managed to expand the business globally through organic growth, with 40 per cent of the firm’s income now coming from outside the UK.

Revenue in Asia rose 50 per cent on last year, making up 7 per cent of global income. The US contributed 4 per cent, the Gulf 2 per cent and Continental Europe 27 per cent.

The finance business contributed around a quarter of all revenue, while corporate, projects and energy made up close to 40 per cent. Litigation and real estate each contributed 11 per cent.

Revenue was up slightly in Italy, where the firm opened a Rome office in February.

“This has been a year of good consolidation for us,” Bromwich said. “We’ve continued to make investments across our business through the financial crisis, having opened four new offices – Hong Kong, New York, Washington DC and Rome – in the last three years. During the same period, we’ve promoted internally or laterally hired 70 new partners.

“We’re particularly pleased with our significant growth in Asia, where revenues grew by 50 per cent last year. Activity has continued to strengthen in the last quarter and we’re determined to improve our revenue and profit again in 2012,” he added.