Eversheds sees first half revenues rise 6.7% to hit £184m

Eversheds has posted a 6.7% increase in revenues for the first half of the 2011-12 financial year.

Turnover at the top 10 firm increased to £184.2m over the six month period, against an equivalent figure of £172.6m last year. Last year's H1 figure was marginally down on the first six months of 2009-10.

The firm said it saw fee income grow significantly across practices including financial services, where revenues increased by 15%; construction litigation, where revenues grew 23%; competition and real estate environmental, both of which saw increases of more than 20%.

Eversheds chief executive Bryan Hughes (pictured) commented: "All of our key indicators are positive, with activity and billings ahead of last year. Our strong revenue position has flown down to the margins, with a £10m increase in net profit."

He added: "It goes without saying that market conditions remain interesting, in recent weeks changing by the hour. However, we have had a good half year which gives us a robust platform for the next six months."

Meanwhile, Eversheds' international operations saw an overall increase in turnover of 22% for the first half of this year. The increase comes on the back of launches in Romania and Hamburg and a merger with Middle Eastern law consortium KSLG, which handed the firm new bases in Iraq, Jordan, Saudi Arabia and Dubai, during the six month period.

Eversheds posted static revenues of £355m for the full 2010-11, alongside a 7% increase in profits per equity partner (PEP) to £550,000.

Eversheds' announcement makes it the latest in a stream of top 50 UK firms to post revenue increases for the first half of the current financial year. These include Allen & Overy, which reported a revenue rise of 11%, Ashurst and pre-merger Clyde & Co, which both posted 12% hikes.

Authored by Sofia Lind, Legal Week and as published on December 21, 2011.