International firm Simmons & Simmons has reported a rise in profit, profit per equity partner (PEP) and revenue, lauding a period of 'sustained growth'.
According to figures for the year ending 30 April 2019, profit rose by 9% to £119m compared with the previous financial year. PEP grew by 4% to £710,000 and revenue is up 6% to £347m.
Profit growth was less impressive than last year, however, when the firm reported a rise of almost 20%.
Managing partner Jeremy Hoyland said: ‘This is the third consecutive year of strong financial performance for the firm and we are making good progress against our business plan. The year has been one of continued focus on client relationships and client service and how we can deliver smarter solutions for our clients.’
Yesterday, Clifford Chance kicked off the magic circle results-reporting season by announcing marginal increases in profit.
In another results announcement for the year ending 30 April, government and health specialist Bevan Brittan announced net profit up 4.2% to £9.97m on turnover up 4.5% to £46m.