A&O sees operating profits grow as firm unveils its LLP figures
Allen & Overy (A&O) has grown its operating profit by 2%, as the firm became the first of the UK's magic circle elite to release its limited liability partnership (LLP) accounts.
October 11, 2013 at 09:55 AM
3 minute read
Allen & Overy (A&O) has grown its operating profit by 2%, as the firm became the first of the UK's magic circle elite to release its limited liability partnership (LLP) accounts.
According to its filing with Companies House, the firm's operating profit figures rose to £497.5m in 2012-13 from on 486.1m the previous year, while consolidated figures for the firm showed that profit available for division among the firm's partners grew to £356m.
Total partners' capital increased by £4m to £149m, and cash and equivalents grew to £121.2m, up on £92.6m.
The average number of equity partners at the firm increased from 427 to 442, while total average partner numbers grew from 512 to 525.
Consolidated figures also show the firm increased its employee count, with lawyer numbers rising by 1.7% to 2,296 and support staff figures growing by 1.1% to 2,307.
However, salaries including staff bonuses fell slightly from £345.1m to £340.3m, with total staff costs coming in at £438.6m, dropping on the previous year's figure of £446.8m.
In July A&O reported a marginal increase in turnover and static profits per equity partner (PEP) for the financial year. The firm saw turnover rise by 0.6% to £1.19bn, up on £1.183bn in 2011-12, while PEP was flat at £1.1m, the same figure the firm recorded last year.
When accounting for other income of £22.9m, the firm's total revenue stood at £1.212bn, up on £1.202bn in 2011-12.
The financial results also showed that its highest earner took home £1,566,000 in 2012-13, down 2% on the 2011-12 figure of £1,601,000. The year's profit distribution range for equity partners ran from £627,000 for those with 20 points at the bottom to £1,566,000 for those with 50 points at the top, with both points down slightly on last year, when the bottom and top of the equity stood at £640,000 and £1,601,000 respectively.
Meanwhile the report also states that borrowing facilities arranged with several banks remain unused, posting general bank overdraft facilities of £10m and unused committed bank facilities of £150m.
The board has said it is satisfied they will sufficiently meet the expected peak cash requirement over the next 12 months.
The results account for A&O's launches in Hanoi and Ho Chi Minh City last year and Istanbul in 2011.
Related: A&O sees turnover creep up with PEP static; top earner takes £1.57m
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