Profits per equity partner at international firm Olswang are expected to remain steady despite a 10.3% fall in turnover last year, according to provisional results released today.
In the year ending 30 April, the firm announced total revenues of £113m, down from £126m in 2014/15. It said the decline followed the decoupling of the firm’s former Berlin office.
Profit per equity partner is expected remain at £490,000. The firm said that its debt position 'significantly improved' over the year, with net bank debt at £5.3m at the end of the year, down from £10.1m the year before.
Chief executive Paul Stevens said in a statement: 'We have posted consistent profitability in a year of transition, and I am extremely pleased to see our bank borrowings significantly reduced over the last year two years.
'This financial discipline, along with many of the projects and initiatives currently under way, such as our move toward agile working and various IT improvements, will position us well in the years to come.'
Half of Olswang's revenues came from the technology, media and telecommunications sectors. The firm said it has signed up nearly 20 start-ups to a new programme providing legal advice and support to UK start-ups and entrepreneurs.