Clyde & Co has announced the largest hike in revenue among the UK top 50 this year so far, with turnover jumping 36% following its merger.

The insurance giant has seen fee income hit £287m for 2011-12, up from £212m last year, following its merger with legacy Barlow Lyde & Gilbert in November 2011.

Turnover on a like-for-like basis at Clydes without any contribution from Barlows grew 17% to £248m.

Average profit per equity partner (PEP) is yet to be announced; however the firm is expecting the figure to fall below last year's PEP of £605,000 to around £550,000, in light of heavy investment across the firm including 10 new office openings.

Broken down regionally, Asia has seen the largest growth in turnover at the firm in 2011-12, increasing 75% from last year, while revenue in the US has jumped 39%.

Clydes chief executive Peter Hasson said: "We are pleased to announce global fee income growth of 36%, which includes a very strong international contribution and shows that elsewhere the merger did not impact on our focus on clients.

"Despite continued volatility and challenges across the global economy, we have continued to achieve growth in both revenue and profits from our resolute focus on our core sectors backed by continual investment in the expansion of our international network."

The news comes after the firm announced further investment plans earlier this week, with two new offices set to open in Australia in October this year.

Clydes will open in Sydney and Perth with the hire of an eight-strong team from Linklaters ally Allens.

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