Clyde & Co has maintained its strong financial performance of recent years by today (5 June) announcing a 9% increase in global revenues, with profits increasing by 11%.
Turnover increased to £365m, largely due to strong growth in its City insurance practice, according to the firm. Despite this, the firm’s year-on-year revenue growth is significantly lower than last year, when Clyde & Co’s turnover increased 17% to £336.6m for 2012/13.
Although an audited figure was not provided, the firm also reported an 11% increase in profits. Based on last year’s 4% growth in profits per equity partner (PEP) to £580,000, this would see PEP reach around £645,000 for the most recent financial year.
Practice-wise, Clydes reported a 17% increase in turnover for 2013/14 across its corporate and transactional groups due to a surge in UK and international transactions across insurance, energy, natural resources and infrastructure. The core insurance group’s revenue rose 15%, which the firm said reflected ‘the consolidation of the [2011] merger with Barlow Lyde & Gilbert and the excellent performance of many groups, as well as the continuing investment in our insurance capabilities’.
In Asia, the firm’s revenues were up 40% on last year, while its international offices contributed 40% of global revenues in total.
The announcement of these results follows two office openings in Cape Town and Johannesburg, with the hire of a four-partner team from Linklaters’ local ally, Webber Wentzel, last month.
jaishree.kalia@legalease.co.uk
