Hill Dickinson posted flat revenue of £111.9m in 2013-14, despite launching a major restructuring project at the beginning of the financial year which saw the loss of 150 jobs.

The Liverpool-headquartered firm also saw bank borrowings almost half from £17m to £8.9m during the period.

The earnings are flat compared to last year's audited figure of £111.5m. However, last July, Hill Dickinson initially reported revenue for the 12-month period ending 30 April 2013 of £112.8m, which helped the firm take 29th spot in Legal Week's list of top UK law firms by revenue.

Hill Dickinson declined to comment on the firm's income and profit per equity partner (PEP) figures, "until solid year end results have been finalised and a presentation has been made internally to partners". This is expected to take place at the end of June.

The firm said this year's revenue reflected increased activity amongst its business clients and a general improvement in the economy.

Corporate and transactional work also picked up, while the firm's key sectors of marine, health and insurance "remained strong".

Last year, Hill Dickinson saw PEP drop to £264,000 from £312,000, a fall of 15%, which the firm attributed to an increase in overheads and international expansion.

In November, the firm reported revenue growth from £51.9m to £54.9m in the six months to the end of October, a 6% rise on the figure at the 2012-13 half-year point.

Last summer, the firm issued a £2.8m capital call, following a period of investment that saw it move into new City offices at Broadgate Tower and launch in Monaco and Hong Kong.

"Our performance has been based upon significant growth among our top 50 clients," commented managing partner Peter Jackson (pictured). "We are delighted that they, and us, are benefiting from the recovering economic environment."

For an interview with Peter Jackson, click here.