Wragge & Co has posted increases in both revenue and profits per equity partner (PEP) for the 2012-13 financial year, with the key metrics rising 2% and 3% respectively.

The firm has reported turnover of £120.5m for the 12-month period to 30 April, up on last year's total income of £118.2m.

Profits at the firm are also up 5.5% from £38.1m to £40.2m, resulting in a 3% rise in PEP from £330,000 to £339,000. The firm's equity spread ranges from £125,000 to £560,000, slightly down on last year's range of £142,000 to £564,000.

The average numbers of partners was up from 115 to 119, with the firm ending the year with 121 partners.

The firm secured some headline instructions during the year including advising Morrisons on the purchase of 49 Blockbuster stores and working on the £2bn New Covent Garden Market regeneration scheme.

Wragges senior partner Quentin Poole (pictured) said: "Our feeling towards the end of last year was that flat was going to be good, so to achieve a little above that in both revenue and profit can only be welcomed. Disputes has been solid for us while our investment in real estate is starting to pay off. We've also seen growth in our international projects practice, particularly in the area of oil and gas in Africa and the Middle East.

"We ended the year strongly and have seen that continue into the first quarter and anticipate further improvement in turnover for the rest of the year working towards an end-of-year increase north of 5%."

The news comes after the firm this May announced it had agreed a business process outsourcing arrangement with Intelligent Office which could lead to as many as 30 full-time roles being made redundant.