Allen & Overy LLP this week announced its financial results for the year ending 30 April 2013. The results reflect a year of consolidation for the business against a backdrop of challenging market conditions, with encouraging signs of a recovery in the fourth quarter. In summary:
- Turnover up GBP6.8m (+0.6%) to GBP1.19bn (USD1.84bn; EUR1.41bn)
- Profit (before tax and exceptional items) up GBP10.7m (+2.2%) to GBP496.7m (USD770m; EUR587m)
- Profit per equity partner was maintained at GBP1.1m (USD1.7m; EUR1.3m)
- Particularly strong performances in our emerging market practices, particularly Central and Eastern Europe, the ASEAN markets and Morocco. Strong performances were also seen in more mature markets such as Germany, Japan, London and the Middle East
- New offices opened in Istanbul, Ho Chi Minh City and Hanoi
Wim Dejonghe, global managing partner, comments: “While 2013 has been flat overall, there was a noticeable improvement in the fourth quarter and early signs for this year continue to be encouraging.
“Over the past five years we have focused on a strategy of counter-cyclical investment, opening 14 new offices in 11 countries. During that time the partnership has grown by 7%, turnover by 9% and profit by 15%. Having secured a premium position in key high-growth markets around the world we have focused on consolidating those investments in FY13. As a result we have delivered strong performances against business plan, proving that our strategy continues to pay off. This combined with our focus on financial and operational discipline has ensured we remain competitive in a generally lower growth environment.”
Allen & Overy’s record of investment has seen its global network become the most extensive among its peer group with 42 offices in 29 countries. This has been in direct response to the growing globalisation of its clients’ businesses – on average in the past financial year Allen & Overy has provided advice in 19 different countries for its top 50 clients.
The business also continues to invest in its people with 19 lawyers promoted to partner and 18 lateral partner hires during the past year.
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