Regional firm Ward Hadaway has posted its financial results for 2007-08, unveiling a 13% increase in turnover for the last 12 months.

The Newcastle-based practice increased its turnover to £28m in the last financial year, up from the £25.1m posted in 2006-07. The firm saw a slight increase in its profits per equity partner, meanwhile, which rose 2.5% from last year's figure of £405,000 to a new high of £415,000.

Commenting on the results, managing partner Jamie Martin said: "These figures represent yet another year of double-digit growth for Ward Hadaway, building on the 16% growth achieved in 2006-07. Last year saw good growth and performance across most business areas, with especially strong performance in corporate, employment and healthcare."

The news comes after Ward Hadaway this week unveiled plans to open a new office in Leeds – its first outside Newcastle – after hiring five new partners from firms including Cobbetts and Beachcroft.

The new office will be headed by senior corporate finance partner Andrew Hoyle, who joined Ward Hadaway from northeast rival Watson Burton in April 2007.

Martin added: "We expect next year to be a test of the resilience of our business, particularly in the light of the challenges facing the house-building sector, but we are excited by the prospects of our Leeds office, which will become operational in July."