Holman Fenwick Willan has announced a 10% increase in revenue for 2011-12, with turnover at the firm hitting £123.8m.

The increased fee income at the firm, which runs to a financial year ending 31 March, compares with a figure of £112.5m last year.

Broken down geographically, around 45% of this year's turnover came from Holman Fenwick's overseas offices, the same percentage as last year.

The firm is yet to announce its profits per equity partner (PEP) but said overall profits have remained "broadly at last year's levels due to a number of investments". Last year Holman Fenwick posted PEP of £540,000.

Holman Fenwick senior partner Richard Crump (pictured) said: "In what remain difficult market conditions, we are pleased that our focused strategy of international development across core industry sectors enables us to continue to grow the business in support of client needs. This remains very much our strategy for the future."

The firm opened two new offices last year in Perth and Sao Paulo in June and October respectively, having launched an aerospace and aviation practice with the hire of a highly-rated eight-partner aviation team from legacy Barlow Lyde & Gilbert.

News of the revenue rise comes after Holman Fenwick elected a new managing partner this month, with global head of shipping and transport George Eddings set to take up the role next year from current chief Greg Gray.