Travers Smith has posted a 24% rise in profit per equity partner (PEP) against a revenue increase of 17.5% after a strong year for the firm.

The results mark a turnaround after a "challenging" 2016-17 that saw PEP fall by 4.4%, although the top-line increase marks the firm's ninth consecutive year of revenue growth.

Turnover rose to hit £146.9m, up from £125m last year, while PEP soared from just below the £1m threshold in 2016-17 to peak at £1.206m.

The firm attributed the strong results to growing interest from clients for cross-border advice, while warning of challenging times ahead.

Senior partner Chris Hale said: ‎"2017-18 was the ninth consecutive year of revenue growth at Travers, over a period when more and more of what we do has had an international aspect to it.

"While the macro risks appear to be growing, supported by our strategic focus and the extraordinary quality and commitment of our people, we are more confident than ever about the long-term success of the firm at the top of the legal market."

Travers managing partner David Patient (pictured) added: "A lot of hard work, from every team across the firm, has gone into producing these excellent results. It has been a collective effort, and I am very proud of what we have been able to achieve.

"The strategic investments in our people and business over the last few years are paying dividends, and the confidence we, and our clients, have in our model is reflected in some fantastic work this year, and our bumper promotion round of eight new partners.

"Next year will no doubt present fresh challenges, and there may be some bumps in the road ahead, but we go into our new financial year in a very positive frame of mind."

Key mandates for Travers in recent months have included advising private equity house Bridgepoint on the £1.5bn sale of Pret a Manger to German investment group JAB Holdings, as well as taking a lead role for Sir Martin Sorrell's investment vehicle S4 Capital Limited on the creation of a new company, following his resignation as CEO of advertising agency WPP earlier this year.

Earlier this year, Patient was reappointed as managing partner for a second three-year term, while Hale was also reappointed for a second two-year period.

The firm made up three women to partner in its latest round of promotions.