International firm Simmons & Simmons has reported a rise in net profits and profit per equity partner (PEP), adding to positive results for City firms so far this reporting period.
According to figures for the year ending 30 April 2018, published today, the firm reported profits 19% up to £110m and PEP up 8% to £686,000. Revenue was up 12% to £354m.
The firm said its success was due to strong performances in its core sectors (asset management & investment funds, healthcare & life sciences, and technology, media and telecommunications – which together accounted for 76% of income).
Jeremy Hoyland, managing partner, said: ‘This year has been a prime example of that with the opening of our office in Dublin, an increased sector focus and lateral hires and internal promotions in areas where our clients most need our support.’
The Dublin office opened in March 2018. At the time, Fionán Breathnach, head of the office, said Ireland is a key strategic domicile for investment funds and is a committed member of the EU, guaranteeing full access to that market.
The firm made 25 lateral partner hires and nine partner promotions over the last financial year.