Travers Smith has reported one of the largest increases in profits per equity partner (PEP) in the UK top 50, with profits climbing 24% to £804,000.

The increase in 2011-12, up from £650,000 in 2010-11, takes PEP back to its highest level since 2006-07, when it stood at £810,000.

The growth in PEP comes alongside an 18% increase in revenue, with turnover standing at £83.8m during the last financial year, up from £71m in 2010-11.

The double digit growth in both revenue and PEP contrasts sharply with 2010-11, when Travers saw turnover fall marginally by 1%, while PEP dropped by 7.8%.

Travers managing partner Andrew Lilley said: "There's something straightforward about this growth: it's simply being much busier across the year in the areas that we focus on, which is extremely gratifying.

"I think we have promoted our offering a bit better to clients, in terms of sector focus and cross selling for example and, of course, there is always a bit of luck involved too."

The average number of partners at Travers during 2011-12 increased marginally to 62 compared with 60, with equity partner numbers moving from 44 to 45.

Accounts filed with Companies House earlier this year showed Travers' highest-paid partner took home £1.3m in 2010-11, marking a 25% increase on the largest pay out in 2009-10.