Eversheds has announced its 2010-11 financial results, posting flat revenues alongside a 7% increase in profits per equity partner (PEP).

The firm's 2010-11 performance has seen revenues remain static at last year's level of £355m, with profits up 3% and PEP increasing 7% to £550,000.

Eversheds chief executive Bryan Hughes (pictured) said  "This is a very solid set of results. Whilst revenues were flat, the continuing trend of rising profits coupled with a very favourable cash position emphasises the robustness of the business."

Areas in which the firm saw growth included commercial litigation, which was up 21%, as well as financial services (10%), competition and regulatory (34%), energy (33%) and health (24%).

Internationally, the firm's Asian and Middle Eastern operations saw respective growth of 22% and 4%.

Hughes added: "What is particularly pleasing is that we are achieving significant profitable growth in a number of our strategic growth areas. No one is yet calling the end of the recession, however, we are hopeful that we are through the worst and are confident about the next 12 months and the strength of our business."　

Last year the firm posted a 3% decrease in revenues alongside a 28% PEP hike.

The results come after the firm began its fifth round of redundancies in two years in August, with 75 jobs cut as a result of a back-office outsourcing agreement with Accenture.

Meanwhile, the firm announced last month that it was merging with Middle Eastern law consortium KSLG, handing it new bases in Iraq, Jordan, Saudi Arabia and Dubai. The firm is also set to launch an office in Hamburg in October in response to growing demand in the region.