Hill Dickinson saw its profits per equity partner (PEP) slip by 15% over the 2012-13 financial year despite a slight increase in turnover.

The firm posted income of £112.8m for the 12-month period ending 30 April, 2% up on the previous year's figure of £110.1m.

However, Hill Dickinson's profits took a knock with PEP down to £264,000 from £312,000. The firm's managing partner Peter Jackson (pictured) attributing this decrease to an increase in overheads and international expansion.

The average number of equity partners across the year rose from 61 to 64 while the size of the firm's entire partnership remained static at 172.

At the start of the year the firm took DLA Piper's 30-strong defendant insurance practice in Sheffield and Manchester and in February announced it is to launch a new office in Monaco in order to build on its yacht and superyacht law offering.

Meanwhile, in April the firm announced a review of its UK business which is expected to result in a large number of lob losses. It is believed that around 60 staff members have taken voluntary redundancy with compulsory redundancies due to follow.

Jackson commented: "The results are a bit of a mixed bag and were particularly disappointing in terms of profit. However, this is understandable, not only because of the difficult market but also due to our increased overheads.

"We recently took a hit due to our imminent premises move in London and reached the end of our incentive period in Liverpool, while we are also continuing with our new Monaco base.

"However, the increase in revenue is to be welcomed and is, in the main, due to strong performances in our three main practice areas of health, marine and insurance."

Jackson was recently re-elected for a third four-year term which commences May 2014.