Charles Russell Speechlys has reported a 23% jump in profit per equity partner (PEP) in its first full financial year results following the merger of legacy firms Charles Russell and Speechly Bircham, as Trowers & Hamlins reported flat net profit.

Charles Russell Speechlys reported PEP has risen by 23% to £393,000 in the year to 30 April 2016, up from £320,000 the previous year.

The firm's 2015-16 revenue has risen to £140m, an increase of 4% from £134.5m in 2014-15.

The two firms merged in 2014 to create a top-25 firm and began operating under the Charles Russell Speechlys name in November that year.

Managing partner James Carter said: "We set clear financial and strategic goals for the three financial years following the merger and I am pleased that we are on track to meet, and in some cases exceed, the targets we set."

However, he said market conditions post-Brexit would have an effect. "Whilst the result of the referendum will have an impact on business confidence and the legal market, we are fortunate to have a very broad-based practice, which means that we continue to be well positioned to unlock opportunities and benefits for our clients and for our people," he added.

In the second partner promotion round to take place since the merger, the firm made up nine lawyers to its partnership in April this year.

Meanwhile, Trowers & Hamlins saw global revenue rise by nearly 8% and net profit remain static for the 2016-16 financial year.

The firm's revenue rose to £85.6m, while net profit remained broadly unchanged at £19.5m.

Trowers' PEP fell 8% to £310,000, down from £326,000 the previous financial year.

UK profit fell 9.2% to £17.6m, due to costs related to the firm's merger with Devon outfit Stones Solicitors in October, as well as lateral hires.

The Stones merger comes as part of an ongoing push in the UK regions by Trowers, with the firm launching in Birmingham in 2011 and expanding its office space in Exeter in 2014, as well as relocating to larger premises in Manchester in 2015.

Meanwhile, the firm's non-UK financial results saw a significant improvement, with net profit bouncing back from a 96% drop in 2014-15, to £100,000.

The firm's Middle East and Asia practices saw net profit soar to £1.9m.

Non-UK turnover grew by 3.4% to £15.2m, following a 7.5% fall last financial year to £14.7m.

The poor financial performance in these regions in 2014-15 was attributed at the time to weak oil prices and a drop in demand for core services such as corporate and banking.

As the firm has been expanding domestically, it has scaled back its presence in the Middle East. In 2012 it closed its Riyadh office, after pulling out of Jeddah the year before. The firm closed its Cairo office in 2014, amid political uncertainty in the country at the time.