Eversheds has announced its most profitable year yet with revenues up by three per cent to £366 million and net profit soaring by 10 per cent.
It follows three years of declining or flat revenues for the international law firm which is headquartered in Birmingham.
In addition the 2011/12 financial year saw profit per equity partner (PEP) at the law firm increase by 14 per cent to £632,000 .
All the firm’s major work areas experienced growth over the last twelve months. Financial services dispute resolution proved particularly strong, with growth of 16 per cent, while capital assets grew by 20 per cent.
On the international stage the Asian and Middle Eastern operation saw respective growth of 26 per cent and 100 per cent.
There was also significant growth within the energy and natural resources sector of 19 per cent.
Whilst managing to grow its bottom line the company said it had continued to invest in its international operations which allowed it to grow its portfolio of global accounts for major multinational clients.
Eversheds’ chief executive, Bryan Hughes said: “The business has delivered a strong set of financial results for 2011/12 which once again is a testament to much hard work and effort across all of our teams, particularly given the ongoing challenges of a tough economic climate.
“This is a return to growth for the firm following three years of declining or flat revenues which is very encouraging and through continued focus on managing the margins it is pleasing to see this growth cascade down to the bottom line.
“Whilst we are targeting top line growth again, we would not anticipate a significant increase in profitability and PEP this year as we see now as the time to up the scale of investment, particularly internationally and we also expect to increase the number of equity partners in the business, both through promotions and lateral hires.”