Olswang revenue up 7 per cent to £117.6m as PEP falls below £500k

Olswang has reported a 7 per cent growth in revenue for the 2013/14 financial year, with total turnover rising from £110m to £117.6m.

The technology, media and telecoms firm’s final financials are still subject to verification and audit but Olswang said it anticipated its average profit per equity partner (PEP) figure would drop by 3.9 per cent from 2012/13’s £510,000 to £490,000. 

In a statement Olswang’s CEO David Stewart said the firm was “satisfied” with its results in what had been a “mixed” year, with a strong half-year performance balanced by a more challenging last quarter.

“We’ve seen very strong results from Germany, Belgium and France, and a significant contribution from Asia,” added Stewart. “We’ve welcomed 10 new partners, invested in new premises in Berlin and Singapore, as well as strengthened our operational base. We have an ambitious plan for both profit and revenue growth for 2014/15, and we’re confident we will deliver this.”

In November Olswang reported un-audited half-year numbers that showed an increase of 15 per cent to £57.6m on the previous year’s six-month income (12 November 2013).

At the time Stewart described it as “a good performance in what is still a challenging market”.

In its previous financial year Olswang reported a 3 per cent growth in total revenue, from £108m in 2011/12 to £111.3m in 2012/13, while average PEP fell by 4 per cent to £510,000 (4 June 2013).

Earlier this year Olswang strengthened its Brussels and Paris offices with the hire of former Linklaters TMT head Sylvie Rousseau (19 March 2014).