CMS is the latest cab off the rank in unveiling its financial results, today (21 July) announcing global revenues of €1.746bn, a healthy 18% hike over 2021/22. The UK top line also saw solid growth, rising 14% to £644m.
The numbers make the firm one of the few to see greater growth in the last 12 months than in 20/21. Last year, the UK business was only able to muster a negligible £1m revenue rise, while the global figure was up 3%. UK managing partner Stephen Millar characterised the year as one of ‘real momentum and growth for the firm’, despite supply chain issues and the war in Ukraine. ‘Our business fundamentals remain strong, and we are confident that these will continue to serve us well as we head into the new financial year.’
As usual, the firm has not revealed its profit or PEP figures for the year. At a UK level, LLP accounts to April 2021 show a modest 2.6% increase in profit from £203.7m to £209m.
Responding to the figures, UK senior partner Penelope Warne (pictured) said: ‘As a future-facing firm, we look to the future with confidence and real determination. The last two years have brought about many changes in the world and the world of work, and we are proud of the way in which we have responded to these challenges and adapted to the changing environment to ensure that we are well positioned for the future. The strength of our business, driven by our clients’ confidence in the firm and our people, has allowed us to pursue our wider commitments and continue to inspire, impact and support our clients, our people and our communities through our wide-ranging ESG programme. From our CMS social impact fund through to our comprehensive D&I programme, we are delivering initiatives with impact.’
The firm’s key highlights in the last 12 months include a record number of partner promotions and the addition of Norwegian outfit Kluge as part of its global expansion strategy.