Allen & Overy (A&O) has posted a 7.4% revenue hike for the first half of 2013-14, as it re-iterates plans to expand its US footprint in the next 12 months.

The firm's revenue grew to £608m in the six months to the end of October, up on the £566m brought in during the same period last year.

A&O cited particularly strong performances in London and its Asia Pacific business. All of its practice groups upped their respective turnover.

A&O global managing partner Wim Dejonghe (pictured) said: "I think we are seeing the first signs of recovery in the economy. I was pleasantly surprised in particular by our performance in Hong Kong and China, given the cutthroat nature of those markets, which have seen growth slow down.

"Capital markets proved to be a surprise standout performer, which has delivered substantially more than we expected. We expected the litigation practice to be strong, but exceeded our expectations. Also, banking was generally in line with our expectations and delivered another strong performance."

Dejonghe added that he also expected profit figures, which have not been calculated yet, to be "encouraging" in light of the firm's revenue growth.

He added that the next 12 months will see the firm target expansion in the US, though he would not be drawn on whether it was looking to secure a merger.

He said: "The US markets are of increasing importance to us, particularly in securities, antitrust, FCPA and regulatory areas. We remain completely open minded on how we will grow our US capabilities and are monitoring the market for all opportunities."

Key mandates for the firm over the six-month period include representing GlaxoSmithKline on the £1.35bn disposal of drinks brands Lucozade and Ribena to Japan's Suntory Beverage & Food.

A&O reported revenues of £1.2bn at the end of the 2012-13 financial year, marking a 0.5% increase on 2011-12.