Eversheds’ turnover has surpassed £400m for the first time after revenue grew by 6.5 per cent during the 2015/16 financial year, from £381m to £405.5m.
The results are a significant improvement on the previous financial year, which saw revenue fall by less than 1 per cent, from £384m in 2013/14.
The firm’s net profit remained flat at £87.5m but average profit per equity partner (PEP) inched up to £742,000. PEP during the previous year stood at £740,000.
Eversheds’ CEO Bryan Hughes said: “Eversheds financial performance for 2015/16 was very much in line with our plans and expectations. We made the decision to make significant investments across the board, and are pleased that we maintained our net profit position notwithstanding these investments, which we believe give us an even stronger platform on which to build.”
Investments were made across the firm’s operational functions and included improving Eversheds’ IT infrastructure, global client, management system, and global billing processes.
A number of offices grew during the last financial year and London was described as enjoying “strong growth”. The firm’s Middle East and Asian offices also achieved double-digit growth.
The last financial year also saw Eversheds merge fully with its Germany offering, bringing it into its UK-headquartered LLP. Heisse Kursawe will now trade as Eversheds Deutschland LLP after previously operating as part of Eversheds international. The firm is also understood to be looking at similar merger possibilities with other members of Eversheds International across Central and Eastern Europe.
