Watson Farley & Williams has posted half-year revenue of £85.9m for the 2018/19 financial year, as the firm's newly re-elected management aims to achieve annual growth of 5%.

Co-managing partners Chris Lowe and Lothar Wegener have been re-elected for a term of up to five years, commencing 15 January 2019.

The revenue figure for the first six months of the current financial year is the same for the equivalent period last year, when it jumped by 13% compared to the same period in 2016-17.

The firm has seen a slight dip in actual fees billed against its most recent half-year figures, with £74.6m billed this year compared to £76.1m during the equivalent period in 2017-18.

Its last full-year financial results saw the firm increase its revenue by 3% to £162.9m.

Lowe said: "Looking forward, with productivity having remained constant and a strong pipeline of work currently in progress, we are well placed to meet our planned annual growth target of at least 5%."

He has been re-elected alongside co-managing partner Wegener. The duo have served as co-heads since 2014, during which time the firm said the duo have presided over a 65% revenue increase at the firm.  

Before his appointment to managing partner, Lowe served as the firm's global maritime sector head, while Wegener was head of WFW Germany.

Lowe added: "We are energised and enthused at the prospect of a further term. Our re-election represents a strong commitment by the firm to its investment culture, together with the ambition to achieve sustainable 'quality growth' for our 'services into sector' strategy."

The results come amid a growth push at the firm, which has seen it hire several lateral partners in recent months.

Yesterday (13 December), Legal Week revealed Watson Farley had hired another Ince & Co partner to its Athens office following the arrival of a partner duo from the firm last month.