Ashurst has confirmed its profits per equity partner (PEP) figure for 2011-12, with the firm posting a 3% increase to reach £744,000.

The PEP figure, which was announced today (4 July), comes on the back of a 5% rise in net profit, which stood at £112m for the most recent financial year. The firm posted an equivalent figure of £107m for 2010-11.

The confirmation comes after the firm last month announced turnover of £322m for the last financial year, up 6% from the 2010-11 figure of £303m.

According to the firm's newly appointed managing partner James Collis, who relocated to the firm's London headquarters from Paris in May this year, the firm saw particularly strong performances in its Continental European offices. More than half of the firm's revenues still originate from the UK (57%), with the remaining 43% coming from the firm's international offices, excluding Australia.

Collis (pictured) commented: "Overall, non-UK growth was 15%, with performance in Singapore being particularly impressive. In continental Europe, Italy was another area that performed extremely well, reflecting the strategic investments that have been made there in the last few years."

He added: "The period of change we have been through in the last few years has both strengthened our business and further allowed us to take advantage of the opportunities that these times still bring, whilst keeping the firm debt free. We are confident that there is much more we will achieve in the financial year ahead."

The news comes after Allen & Overy (A&O) and Clifford Chance (CC) both yesterday (3 July) announced their 2011-12 financials, with A&O posting a 6% increase in revenue to £1.182bn alongside static PEP of £1.1m, while at CC, revenue and PEP both rose by 7%, to £1.303bn and £1.078m respectively.