Profits at global giant Dentons’ Europe, Middle East and Africa operation rose 15% last year, more than double the growth in turnover, according to figures released today.
The unaudited results for the year ending 30 April 2016 show revenue of £165m, up 7% on 2014/15, while net profit rose 15% to £39m. No figure for pre-tax profit will be available until audited results are filed in January, the firm said.
Profit per equity partner (PEP) was £530,000, an increase of 6% on the previous year. PEP has risen by 61% over the past three years, the firm said.
Dentons also claimed a 'substantial improvement' in its cashflow position, with £13.2m in net cash in the bank at the year end. This was up from £4.2m in 2014/15 – and a debt of £7.3m at the end of 2013/14.
The firm said it had achieved substantial growth in revenues from corporate and commercial, especially in cross-border oil and gas work.
Revenue from disputes also rose: last year the firm advised on the largest London-based arbitration under the International Convention for the Settlement of Investment Disputes, a dispute in the South Sudan oil sector.