CMS has posted global revenues of €1.3bn (£1.15bn) for 2017, in the firm's first financial results since its three-way merger with Nabarro and Olswang.

The headline revenue figure is up 31% on the 2016 total of €999m, and includes eight months of revenues from Nabarro and Olswang after their merger went live on 1 May 2017.

The firm said that turnover for its UK LLP, which legacy Olswang and Nabarro are now part of and which operates to a 30 April year-end, had surpassed budget to reach £518m for 2017-18.

LLP filings for the final financial year prior to last May's merger show that CMS Cameron McKenna took in revenue of £273m during 2016-17, with £131m for Nabarro and £96m for Olswang, equating to a total of £500m.

The three-way merger created a firm with nearly 2,500 lawyers in the UK, within a global total of more than 4,500 lawyers.

CMS UK senior partner Penelope Warne said: "Collectively we have achieved a tremendous result in our first year together as a combined firm. For us, the merger was always about creating a future-facing law firm that was greater than the sum of its parts, and delivering a truly sector-focused offering to our valued clients.

"These results reinforce our merger rationale and are yet another example of the momentum we continue to build across the firm. It has been a transformational year."

The firm said that like-for-like profitability had increased by 19.3%, but that if merger costs were removed, underlying profitability would be up 36%.

CMS UK managing partner Stephen Millar added: "These are very pleasing results. The business is performing strongly and well ahead of expectations, with fantastic opportunities presenting themselves at all corners of the business.

"Our increased levels of activity have also resulted in higher levels of utilisation, which has allowed us to invest in our people and hire across a number of strategic growth areas both in the UK and internationally."

During the year, CMS opened a new office in Monaco and also formed an association with Saudi Arabian firm Feras Al Shawaf. Major mandates for the firm included advising HP on its $1.05bn acquisition of Samsung's printer division, as well as acting for BT Group on its content-sharing deal with Sky.