International firm Charles Russell Speechlys has posted an increase in both post-tax profits and profit per equity partner - but says the fall in sterling during 2016 was not the cause.
Profits were up 6%, from £31.8 million to £33.8 million, while PEP rose 8% to £426,000. The figures, for the year ending 30 April 2017, also showed a 3% revenue increase to £144m.
Unlike some other international firms, Charles Russell Speechlys did not attribute its 2016-17 growth to the fall in value of the pound.
James Carter, managing partner, said: ‘With less than 10% of our turnover overseas last year, we enjoyed little benefit from the weaker pound, but after a slow start to the year following the Brexit referendum, activity levels picked up from September and we enjoyed a strong end to the year.’
The firm made six partner promotions as well as appointments in the UK, Switzerland, and Luxembourg and opened new offices in Hong Kong and Dubai.
Carter added: ‘We will continue to identify opportunities to grow the firm’s market presence and reputation. This reflects the partnership’s confidence in the future and our commitment to strengthening our offering for the benefit of our clients’.