Stewarts has announced one of the biggest revenue hikes so far of U.K. law firms for the 2019-20 financial year.

The litigation specialist grew its revenue by 11.8% during the year to hit £77 million, with the firm likely to place just outside the U.K. Top 50.

The firm added in a statement on Thursday that revenue has increased by 45.8% over the last five years.

The jump is a marked increase compared to the majority of U.K. firms which have so far reported muted revenue growth and profit and PEP dips.

Stewarts also grew its PEP by 3.4%, according to the statement, hitting £1.2 million. Net profit rose to £29.7 million.

The firm has had changing fortunes in recent years. It debuted in the U.K. Top 50 in 2017 following a 25% increase in revenues and a 30% PEP hike.

But the following financial year turnover fell by 20% alongside a 27.8% drop in PEP from £2 million to £1.45 million.

Stewarts managing partner John Cahill said in a statement: "We are pleased to post another good set of financial results. During the year we have made substantial investment in strengthening existing practice areas and in our book of contingency fee cases.

"In previous years I have indicated that our revenue patterns would be 'non-linear' and that remains the case. We expect that Covid-19 will have a negative impact on both revenue and profit in the financial year 2020/21."

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