CMS sees single digit increase in revenues to hit £106m
CMS Cameron McKenna has posted a 5% increase in half year revenues, with turnover standing at £106m for the first six months of 2011-12. The UK firm also posted a 5% increase for the same period last year, taking unaudited revenues to around £100m. The firm had seen a 13% dip at the same point in 2009-10.
December 02, 2011 at 11:14 AM
2 minute read
CMS Cameron McKenna has posted a 5% increase in half year revenues, with turnover standing at £106m for the first six months of 2011-12.
The UK firm also posted a 5% increase for the same period last year, taking unaudited revenues to around £100m. The firm had seen a 13% dip at the same point in 2009-10.
Managing partner Duncan Weston attributed the increase to a pickup in activity in the firm's corporate practice and strong performances in areas including litigation and construction.
He commented: "We've seen business pick up for our corporate practice and seen strong performances from energy, construction, technology & litigation and pensions."
He added: "Our sector and CMS strategy is delivering results and gaining recognition among our clients. Although these results are encouraging, we are operating in a very uncertain market and moving forward it is difficult to predict the impact of the current climate on our business."
During the first half of this financial year, CMS acted on a number of significant transactions including advising longstanding client Takeda Pharmaceutical Company on its €9.6bn (£8.2bn) acquisition of Swiss drug company Nycomed.
CMS' results are broadly in line with the majority of UK firms to have so far released their half-year revenue figures, with the majority of leading practices achieving solid growth in the first six months of the current financial year.
Allen & Overy, Taylor Wessing, Olswang, Ashurst and pre-merger Clyde & Co are among the firms posting double-digit increases, while Norton Rose and Pinsent Masons saw fee income climb by 7% and 6% respectively.
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