Stephenson Harwood has posted a 6% drop in profit per equity partner (PEP) for 2017-18 – the second consecutive year the firm has seen partner profits fall.

While PEP fell to £664,000 following last year's 8.5% decrease to £708,000, CEO Sharon White described the year as "strong, even if not standout".

Revenues rose 6% to £189m, up from £178m last year, a performance White said was the continuation of a "remarkably successful run of growing revenue" since the firm first broke through the £100m mark in 2010-11.

Despite the PEP dip, White said she did not believe partners were concerned, as the figure is "slightly ahead" of what the firm had budgeted for.

"It is a case of balancing short-term profitability with investing in the future," she said. "We have achieved a lot in terms of growth, and have attracted some great partners. We also have great talent coming up."

Highlights for the firm during the year included the expansion of its Asia presence with the April acquisition of US firm Troutman Sanders' Beijing office, a deal that saw the firm take on an extra 11 fee earners and two of counsel. The firm also moved to new offices in Paris and opened for business in Yangon, Myanmar.

In total since May 2017, the firm has added 12 new partners globally and this year promoted eight, including five in London. White said the firm's best-performing sectors were corporate, employment and pensions, with each enjoying "a particularly good year".

Notably, the past year has seen the firm grow its global corporate practice, with four partner hires across its Dubai, Paris and Beijing offices, and two promotions in its London base.

In the same period, the firm secured a number of lucrative mandates, including advising alongside Freshfields Bruckhaus Deringer and Kirkland & Ellis on the administration of budget airline Monarch, while it also took a lead role for Bowmark Capital on its buyout of flexi-lawyer business LOD from Bryan Cave Leighton Paisner.

Investments in new technology have also been high on the agenda, with a new practice management system expected to be rolled out later this year.

Of the potential threat of Brexit, White remained upbeat, saying she had not yet seen the impact of Brexit, and that she "continues to be surprised that things are moving along in a very normal way".

"Of course, it's important to monitor things carefully. But for a firm of our size, we can be fairly nimble," she added.