DAC Beachcroft has posted a 3% increase in like-for-like turnover and a 12% dip in profits per equity partner (PEP) for the 2012-13 financial year.

Income for the 12-month period amounted to £188.2m, up on the combined 2011-12 turnover of £182.2m in what was firm's first full year trading since the merger between legacy firms Davies Arnold Cooper and Beachcroft in October 2011.

Despite the top line increase, PEP is down from £321,000 to £284,000 although the firm states net profit rose to £31.8m from its 2012-11 audited figure of £22.4m.

DAC Beachcroft managing partner Paul Murray (pictured) said: "Year on year comparisons continue to be distorted by the merger mid-year in 2011-12 but these numbers will provide a baseline for next year. Overall, the results are acceptable in what continues to be a challenging and changing economic environment."

The firm experienced an eventful year with May 2012 bringing an association with Canada firm McCague Borlack while November saw the firm launch an office in Chile through a three-way merger with local firms SegurosLex and Amunategui & Cia.

Conversely, in April the firm lost a Madrid-based four-partner insurance team to rivals Clyde & Co while last month it launched a redundancy consultation with senior members of its London employment and pensions practice, following a review concluding that the City team is overstaffed.

More recently, this month appointed two new partners to its London office in the form of corporate insurance specialist Adrian Williams from Swiss Re and health real estate lawyer Nathan East from Hempsons.