International firm Travers Smith has announced record-breaking financial results as it predicted ‘choppy waters’ ahead while the UK deals with the outcome of the EU referendum.
Unaudited results for the year ended 30 June 2016 report a turnover of £120m, up 13% on the previous year. Profit per equity partner was £1.015m, up 8% on the previous year. No pre-tax profit figure was available.
The firm, which acts for companies, financial institutions and private equity clients, says this is the seventh consecutive year of growth.
Managing partner David Patient (pictured) said: ‘Despite the uncertainty caused by the referendum [on 23 June], this has been another excellent year for the firm, and these provisional results reflect the quality of our clients, the strength of our practice groups across the board, and the excellence, hard work and commitment of all of our people.’
As the implications of the decision to leave the EU unfold, Patient said this year would present challenges.
Senior partner Chris Hale said the huge uncertainty caused by the decision to leave the EU would result in a difficult environment for transactional work ‘for a while’.
However, he was confident that the firm would be able to ‘ride out the choppy waters and emerge even better positioned’.