SNR Denton posts first combined results with H1 revenues up 11.5%
SNR Denton has seen global fee income for the six month period ending 30 October increase by 11.5%, with legacy Dentons Wilde Sapte's operations in the EMEA LLP seeing a slight drop in fee income.
November 28, 2011 at 12:33 PM
3 minute read
SNR Denton has seen global fee income for the six month period ending 30 October increase by 11.5%, with legacy Dentons Wilde Sapte's operations in the EMEA LLP seeing a slight drop in fee income.
The transatlantic firm, formed by the merger of Dentons and Sonnenschein Nath & Rosenthal in September last year, said combined revenues from its US and European revenues stood at £317.2m ($512m), compared with an equivalent figure of £280.7m in pre-merger H1 2010.
The firm declined to reveal figures for individual markets but said that UK fee income was up compared with the same period last year, while the wider EMEA LLP saw a slight decline in fee income due to poor trading in the politically unstable Middle East and Africa region.
On the whole, the firm said that its UK, US and CIS practices all saw improved collections on the same six months in 2010, with its TMT, corporate and infrastructure practices performing particularly well.
It said UK and US income increased over the period due to cross-selling resulting from the merger.
The figures mark the first time SNR Denton has presented joint financial results since the merger. The US arm operates to a calendar-year basis, with the EMEA arm operating to a 30 April financial year end. The firm operates two separate profit pools for each partnership. It said it was unlikely to align the financial years due to tax and accounting reasons.
Commenting on the six-month period, global chief executive Elliott Portnoy said: "Income was up in the UK and US because of increased cross-selling between the practices which has seen us win new clients as well as mandates and appointments we definitely would not have had it not been for the combination."
EMEA LLP chief executive Matthew Jones added: "Region by region, the Middle East and Africa was not great because the market was very unstable there during the time period. However, for the next six months in the EMEA region we are comforted by new mandates and a strong pipeline of work, so we believe in quite a positive outlook going forward."
The news comes as a majority of UK firms have reported increased fee income at the half-year stage. Most recently Simmons & Simmons joined the crowd by reporting a 6% fee income rise to £124.8m while Stephenson Harwood collected £51.4m, marking a 4% increase.
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