Clydes reaps benefits of sector focus with 8% hike in H1 revenue
Insurance firm highlights Asia Pacific and the US as particularly strong performers as sector focus drives international growth
December 14, 2015 at 09:27 AM
3 minute read
Clyde & Co has posted an 8% increase in revenue over the first half of 2015-16, taking fee income up from £178m to £192m.
The figure, which does not include revenue from Scottish firm Simpson & Marwick with which it merged on 1 October, would be closer to a 10% increase on a constant currency basis.
According to Clydes all regions of the firm grew over the six month period, including the UK, Asia Pacific, the Middle East and North America, with chief executive Peter Hasson highlighting Asia and the US as particularly strong performers.
Commenting on the results senior partner James Burns said: "We are pleased with how the business performed in the first half. Having a focus on core global sectors and a broad global platform, across both developed and emerging markets, means that our business is well-balanced."
Hasson added: "We have seen strong performances from our international arbitration practice, our transactional groups in the Middle East and North Africa and Asia Pacific and in a number of our core sectors, including infrastructure and oil & gas."
Clydes has been expanding rapidly in recent years, with the firm making 21 lateral partner hires in 2015 alone across regions including South Africa, Dubai and the UK.
Speaking to Legal Week earlier this month Burns outlined ambitious expansion plans targeting the Americas, Europe, the Middle East and Africa. He said office openings in Mexico and Colombia are high on the agenda, as well as further openings in the US and Canada and potentially a launch in Germany. The firm is also keen to open in Iran when permitted.
"We've doubled in size twice in the last 10 years and there is no reason why we can't do so again," said Burns.
In 2005 Clydes reported revenue of £104m. Its 2011 tie up with legacy Barlow Lyde & Gilbert created a firm with turnover of £287m and in 2014-15 the firm announced revenue of £395.3m. It now has more than 3,000 people working out of 45 offices worldwide.
Confirmation of Clydes' H1 results come as a host of UK firms have announced a solid performance over the first half of the current financial year. Increases range from 4% at Allen & Overy and Nabarro, though to 25% at Osborne Clarke. Bird & Bird and Fieldfisher have both reported similar increases to Clydes with the former posting a 7% increase and Fieldfisher an 8% rise.
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