Clydes breaks through £200m mark with 10% revenue hike
Clyde & Co saw revenues rise by just over 10% during the last financial year to take turnover through the £200m barrier for the first time. The 10.4% increase puts 2010-11 turnover at £212m, up from £192m the previous year.
May 23, 2011 at 05:39 AM
2 minute read
Clyde & Co saw revenues rise by just over 10% during the last financial year to take turnover through the £200m barrier for the first time.
The 10.4% increase puts 2010-11 turnover at £212m, up from £192m the previous year.
Clydes' UK operations contributed 59% of the firm's total revenues, with UK fee income rising by 11% year-on-year to £125m.
The insurance leader said its US offices saw turnover grow by 37%, including the first full year's revenues from the New Jersey arm, which opened in February 2010. Clydes also has offices in New York and San Francisco.
Clydes chief executive Peter Hasson (pictured) said: "All of our offices performed strongly in our core sectors of insurance, aviation, marine, energy, construction & infrastructure, and trade & finance.
"Our Middle East, Asia and Latin American offices enjoyed a solid year, despite varying economic conditions. Overall our continued financial growth reflects the success of our strategy to provide the best and most complete global offering in our core sectors."
The firm is yet to release its profits per equity partner (PEP) figure. During the 2009-10 financial year PEP increased by 10% to £605,000, having remained static for the two previous years.
News of the strong financial growth in the US comes as Clydes looks to secure a Canada launch through a tie-up with local firm Nicholl Paskell-Mede. The two firms are in ongoing discussions, with Clydes appointing the former senior partner of Canada's Stikeman Elliott to help with its plans.
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