Ashurst has unveiled its financial results for for the 2011-12 year, with the top 20 firm increasing fee income by 6% over the period.

Total turnover for the year, which has been calculated on a preliminary basis, stands at £322m, up from the figure of £303m posted in 2010-11.

Profits per equity partner (PEP) have not yet been calculated; however, one partner stated that they would be slightly higher than last year's figure of £723,000.

According to the firm's newly appointed managing partner James Collis (pictured), who relocated to the firm's London headquarters from Paris earlier this month, the firm saw particularly positive performances in its Continental European offices.

Italy was a particular highlight, where Ashurst last year launched a new Rome office and more recently hired Milan partner Alessandro Giovanelli from local firm Pavia & Ansaldo to head up its domestic corporate practice.

Meanwhile, across Asia the firm saw revenues increase to a number of referral wins, as well as mandates won through joint pitches with Australia partner Blake Dawson.

Ashurst's tie-up with Blakes, which was agreed in September 2011, saw the duo combine their businesses in Asia in March, with Blakes rebranding as Ashurst from the same point. However, Ashurst's 2011-12 financials are a like-for-like comparison with last year's results.

Collis commented: "We are starting to see good results across Asia – you could call it an ascending trajectory. Performance has been robust across the board despite the challenging market conditions."

The full financial merger with legacy Blake Dawson is set to take place in 2014, subject to a further vote by both firms' partnerships that year.