Clyde & Co has posted a double-digit increase in profitability against an 8.5% rise in revenue for 2017-18 – results that represent the insurance firm's 20th successive year of revenue growth.

Net profit rose by 10%, up from £127.6m to £140.5m during the year, while firmwide revenue reached £551.3m, up from £508.1m in 2016-17. Last year marked the first time that the multinational firm posted revenues of more than £500m.

Profit per equity partner (PEP) climbed by 1.5% to £660,000, with the firm explaining the difference between the increase in PEP and net profit through the addition of 63 new partners during the course of the last financial year – a mix of lateral hires and promotions.

Commenting on the results, Clydes chief financial officer Duncan Crowdy highlighted the firm's performance and expansion in the US as a driver of growth.

He told Legal Week: "Most of our growth comes through the addition of headcount and throughout this year we have achieved growth in all regions, with our standout growth in North America.

"We are moving closer to North America becoming our second-largest region and we are expecting to be trading significantly north of £100m in the region next year."

Clydes' most prominent US hires came when the firm acquired a team of 15 insurance and litigation partners across the West Coast following the collapse of US firm Sedgwick late last year. The firm also bolstered its Miami office with the hire of a 10-lawyer insurance team in January and its Washington office with a nine-strong team in January.

Crowdy said it is "financially early days" for the Sedgwick team, with the acquisition only having a relatively small impact on the most recent financial results. However, he added that Clydes is "pleased with the progress so far".

CEO Peter Hasson said: "We see this as another set of solid results in an environment that remains a challenging one. Clients don't want to see prices going up and we are seeing cost pressures growing through the salary wars that started in the US and increased property costs. The two key themes for next year are integration of the new teams and investing in our operational efficiencies."

In addition to its growth in the Americas, Clydes has also opened new offices across the Middle East, Asia-Pacific and the UK.

In 2017, the firm opened offices in Bristol, Mexico City and Los Angeles as well as tying up associate offices in Muscat, Kuala Lumpur and Auckland.