Profit at City firm HFW has risen by almost 10% as the practice continues to expand internationally. According to figures for this financial year, profit rose by 9% to £47.3m, while profit per equity partner leapt by 11% to £526,000. Revenue is also up 9% compared with last year, at £195.2m.
HFW said growth has been driven by global expansion – it has completed 11 international office openings, mergers and associations since 2016, including in Abu Dhabi and Monaco – and high client demand for its expertise in aerospace, commodities, construction, energy, insurance, and shipping.
The firm's revenue has now increased by more than 40% over the past five years, and 61% of its turnover is now generated outside the UK.
Richard Crump, global senior partner, said: ‘We are very pleased to see our sector-focused strategy and sustained international expansion continue to drive growth across the business. Our newest offices – in Abu Dhabi and Monaco – have both been fantastic additions to the firm, and we've also seen strong growth across the Americas, Europe, the Middle East and Asia-Pacific.
‘We have ambitious plans to continue our growth and are actively targeting opportunities across our industry groups, legal services and international network, to ensure that we are continuing to meet the changing needs of our clients in a dynamic and challenging market.’
The firm said it has taken ‘prudent and precautionary measures’ to prepare itself for uncertainty caused by Covid-19.