Eversheds posts 3% revenue rise with partner profits up 2% to £642,000

Eversheds has posted a 3% increase in revenues and a 2% rise in profits per equity partner (PEP) for the 2012-13 financial year.

The firm has seen revenues increase to £376m from £366m, while PEP has risen from £632,000 to £642,000, with net profit up 6%.

The firm cited strong performances in the financial institutions and energy and natural resources sectors, which saw growth of 20% and 14% respectively.

The news of the results follow a busy year for the firm which in October saw chief executive Bryan Hughes re-elected for a new four-year term shortly after unveiling a new three-year strategy to the partnership.

In January the firm announced a restructuring that saw it shed 116 staff, while May brought a revamp of its sector focus with the introduction of four new key industry groups.

The firm has also this year invested in overseas expansion, including the launch of a new Bejing office.

Hughes commented: “We anticipated difficult trading conditions at the start of the year and planned accordingly which enabled the firm once again to deliver a strong set of financial results. Maintaining revenue growth was very pleasing, particularly as our revenue line was flat at the half year.

“This, alongside the very favourable cash position, emphasises the financial robustness of the firm. The continued focus of the whole team on managing the margins, ensured that the growth cascaded through to the bottom line, creating an excellent platform for 2013-14.”