Addleshaw Goddard saw revenues climb by 22% in 2017-18, as the firm continues to build on its merger with Scots firm HBJ.

The merger, which went live on 1 June 2017, had initially been expected to add upwards of £20m to Addleshaws' top line, but both legacy firms also enjoyed double-digit growth during the past year, taking combined turnover to a new record high of £242m, up from £197.8m last year.

The latest results mean the firm has grown revenue by almost 50% since 2012-13, when turnover stood at £167m.

According to Addleshaws, 80% of its 2017-18 revenue came from its eight core sectors – digital, energy and utilities, financial services, health, industrials, real estate, retail and consumer, and transport. Retail and consumer was the best-performing sector, with revenues rising 37%, followed by real estate on 23%.

While the firm has not yet finalised its 2017-18 profit per equity partner (PEP) figure, total profit has risen by 36% year on year to reach £87m, up from about £64m the previous year. In 2016-17, PEP stood at £511,000 – 25% down  on the previous year's figure of £682,000.

In recent years, Addleshaws has opted to keep money in the business rather than relying on bank debt, and the firm now has cash reserves of £34m, which it intends to continue investing in people and infrastructure.

Significant hires during the year included the Manchester acquisitions of a six-partner real estate team from Irwin Mitchell and an eight-lawyer DWF construction team. Managing partner John Joyce, who has now led the firm for four years, said the firm intends to continue targeting team hires.

Joyce said: "The firm's platform has never been better and with the platform we have created we retain huge ambition to build further on it.

"It is particularly pleasing to see organic growth in key areas such as corporate and infrastructure, which we will look to build out further this year, helped by the success we have enjoyed in adding substantially to the strength in depth of our partner team in the UK and internationally."

In Scotland, Addleshaws has made its first lateral hires since the HBJ merger, taking on two senior partners from Burness Paull – data privacy head Ross McKenzie and former financial services regulatory head Lorna Finlayson. Further afield, the firm recruited a new Asia-Pacific head with the hire of ex-Freshfields Bruckhaus Deringer and Clifford Chance partner Bob Charlton from legacy Berwin Leighton Paisner.

Major mandates during the 2017-18 year included advising longstanding client GVC Holdings on its £3.9bn takeover of rival bookmaker Ladbrokes Coral, as well as a lead role for the Road Haulage Association on its £1bn collective action against European truck manufacturers that were found to have participated in a price fixing cartel.

Last autumn, Addleshaws combined its flexible resourcing, consulting and innovation arms under the new banner of Intelligent Delivery, or AG ID – a business Addleshaws says is now contributing revenues of about £15m.