Pinsent Masons posts double-digit revenue and PEP increases

 

Pinsent Masons has posted turnover of £423.1m for 2016-17, an increase of 11% on the previous financial year.

The firm’s profit per equity partner (PEP) also saw a double-digit increase, rising 14% to £625,000.

The weakness of sterling helped to boost this year’s results, with the firm stating that on a constant currency basis, turnover grew 7%.

The firm’s managing partner John Cleland (pictured above) said: “It is a very pleasing outcome, both in terms of the turnover and the profit moving up – in both cases double-digit increases.”

Of the firm’s five industry sector groups, advanced manufacturing and technology, and financial services made the largest contribution, providing 21% and 20% of revenue respectively.

“The revenue increase is the result of a number of investments we have made over the last couple of years, both in terms of offices and in terms of the people we have brought in,” Cleland said.

He ascribed the firm’s profitability increase to a focus on financial discipline.

“The profitability is actually more around improving our financial hygiene. On a net basis we have increased the number of equity partners, so the profitability increase is just down to doing the basics correctly and getting the business to focus on the things that matter. There is no magic bullet.”

Major deals during the course of the year include advising cinema chain AMC on a series of acquisitions in Europe valued at $1.9bn, and acting for Chinese power company Yudean Group on its $1.5bn acquisition of a stake in Attarat Power Company.

The firm was appointed or reappointed to panels including AIG, Heathrow, Diageo and Dixons Carphone.

Pinsents opened an office in Johannesburg in February 2017, while in May it launched in Madrid with a six-partner team. The firm also recently announced plans to open in Dublin, hiring three partners to spearhead its launch in the city from offshore firm Walkers and local firms Mathesons and Byrne Wallace.

Other firms to have announced their 2016-17 financial results include Osborne Clarke, which posted a 3.7% revenue rise, and Eversheds Sutherland which boosted its non-US revenue by 8% to £438.6m.