International firm Ashurst has reported a drop in partner profits after they jumped by almost a third last year.

According to figures for the year ended 30 April 2020, profit per equity partner has fallen by 7% from £972,000 to £903,000. In the previous financial year, PEP leapt up by almost £230,000, a 31% rise.

Meanwhile, revenue has crept up by 0.4% to £644m, following a 14% increase in FY19. The firm did not provide net profit figures.

Paul Jenkins, Ashurst's global managing partner, said: ‘FY20 was a year of consolidation. Our aim in FY20 was to sustain and build on the strong 14% revenue growth we saw in the previous financial year and it was pleasing to see that growth continue. 

Paul jenkins

Global managing partner Paul Jenkins

‘We were on target to achieve a higher level of growth until late January when markets in Asia Pacific, in which we now generate almost 50% of our revenue, were the first to be disrupted by the pandemic. Our other markets were impacted towards the end of the financial year. We have delivered a robust performance despite these challenging market conditions.’

The firm said revenue for the final quarter in Asia Pacific was 10% lower than budgeted. However, it noted ‘significant recovery in Asia with a return to revenue levels experienced prior to the pandemic'. There are also 'encouraging signs' in the UK and continental Europe, it said. 

Ashurst’s reduced hours and pay scheme - which was introduced in April to weather the pandemic - is due to finish on 31 July.

Last week, Linklaters and Allen & Overy reported dips in pre-tax profits and PEP. Most other City firms have yet to reveal their results.