Ashurst sees H1 revenue climb 6% to fall just short of £300m

Ashurst has revealed a 5.8% increase in its half-year results, taking revenue for the combined firm to £298m, up from £281.7m in the same period last year.

Last November Ashurst posted a 6% dip in half-year revenues, attributing the drop to tough markets and currency fluctuations.

At the year end point, the firm posted broadly flat revenues for 2012-13, with year-on-year takings up £1m to £323m and profits per equity partner (PEP) down 9%.

The firm’s PEP fell to £680,000, down from last year’s figure of £744,000, while net profit fell 6% to £105m.

The firm has combined its figures to take account of the firm’a Australia practice, with Ashurst’s full financial merger with its Australian arm going live on 1 November.

The firm is the latest to announce its H1 figures, following Berwin Leighton Paisner which yesterday announced a 6% rise in revenue at the half-way point.

Ashurst’s managing partner, James Collis (pictured), said: “In particular, we have seen an impressive performance in the finance division, with disputes also performing robustly. In corporate, we have benefited from the notable increase in capital markets work. Activity in Continental Europe has been impressive and we have also seen a strong performance in the US, Middle East and Asia, in particular in Hong Kong.

“In the last six months, we have implemented major steps that underpin our strategic vision, including achieving full financial integration of Ashurst LLP and Ashurst Australia and launching a new legal and business support services office in Glasgow. We are confident that in pursuing the firm’s current strategy we will be able to build on the achievements made during the first half.”