Osborne Clarke revenue growth slows in 'challenging' year
Osborne Clarke's revenue growth slows to under 4% after years of double digit increases
June 01, 2017 at 02:52 AM
2 minute read
Osborne Clarke has posted revenue of €245.1m (£213.6m) for the 2016-17 financial year, a 3.7% increase on the previous year when it generated €236.3m (£205.9m).
The increase represents a significant slowdown on growth rates in recent years, after the firm posted a 23% hike in revenue in 2015-16, a 15% increase in 2014-15 and a 26% rise in 2013-14.
In part, the slower growth reflects the fall in the value of the pound, as Osborne Clarke reports in euros.
On a constant currency basis revenue grew by 12% year-on-year, rising from a restated final revenue figure of €219.6m in 2015-16.
Managing partner Ray Berg (pictured) said he was "very pleased" with the results, stating: "It is great we have continued to grow revenue and profit in what was a challenging year given uncertainty around Brexit."
Revenue from outside the UK accounted for 42% of billings, with UK fee income climbing 7% to £121m. This compares with a 17% hike in UK revenue in 2015-16 to £112.9m.
UK profit per equity partner (PEP) nudged up from £635,000 to £652,000 during the most recent financial year, with the increase coming alongside a rise in net profit from £49.8m to £52.5m.
Berg said: "We have an exceptionally well-run business with a clear strategy and many growth clients. These results reflect the high levels of dedication and commitment across our entire business and emphasise what a great team we have."
Osborne Clarke joined the panels of Deutsche Bank and telecoms company BT in the past year, with other key clients including tech companies Yahoo!, Facebook and GoPro, real estate investment fund CBRE Global Investors, telecoms company Vodafone and engineering company Siemens.
The firm has been expanding internationally in recent years, tying up with Shanghai firm Zhang Yu & Partners and announcing an association with a firm in Singapore.
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