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Financial results 2013/14: Olswang suffers further drop in PEP to £490k with turnover up 7% to £117.6m

Olswang has reported mixed 2013/14 financial results with profit per equity partner (PEP) down 4%, following a double-digit drop last year, while revenue is up 7% to £117.6m.

While the financial results are subject to audit, the global technology, media and telecoms firm said its PEP will decline to £490,000 from the £510,000 achieved in 2012/13. This figure comes after last year’s LB100 showed that PEP fell 10% on 2011/12 financial year.

Revenue grew during 2013/14 from £110m to £117.6m, with the 7% growth rate coming in higher than last year’s figure of 3%, although a significant drop on the above-average 17% growth posted in 2012.

In January 2014, Legal Business reported the top-40 firm’s limited liability partnership filings, which showed its overdraft grew by £3m to £18m in 2013, with net debt increasing to £13.7m from £8.4m, while operating profit dropped from £39.3m to £38m.

Olswang’s chief executive officer David Stewart said: ‘We’re satisfied with our results in what has been a mixed year, with strong half year performance balanced by a more challenging last quarter.

‘We have seen very strong results from Germany, Belgium and France, and a significant contribution from Asia. We have welcomed ten new partners, invested in new premises in Berlin and Singapore, as well as strengthened our operational base. We have an ambitious plan for both profit and revenue growth for 2014/15, and we are confident we will deliver this.’

The ten lateral hires at the firm included six new partners in the UK, as well as the high profile hire of IP/IT head Andreas Splittgerber who joined in Germany from Orrick, Herrington & Sutcliffe in January 2014, in a bid to expand the firm’s European data protection and sourcing practices. 

However, the firm recently lost its head of real estate finance Eleni Skordaki who quit after nearly ten years to join Dechert’s City finance and real estate group.