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Financials 2015/16: Kennedys highlights Asia growth as firm posts solid turnover boost of 7%

Insurance specialist Kennedys has announced solid revenue growth of 7% for this financial year from £129.9m to £138.8m. In addition, the firm’s UK figure has topped £100m, with turnover at £102m from £99.6m.

According to the firm, the strongest growth has been in the Asia Pacific region, with the firm’s Singapore office increasing 144% from £3.2m to £7.8m as a result of strong aviation growth and Kennedys’ joint law venture agreement with Singapore firm Legal Solutions which the firm secured in March 2015.

In addition Kennedys Hong Kong office performed well, reporting an increase in turnover of 33% with the office’s regulatory practice doing particularly well. Growth was also posted in a number of Kennedys’ 22 offices, including in Dubai and Miami, with the Miami office bolstered by the lateral hires of Florida qualified Neil Bayer and Florida and Pennsylvania qualified Dan Sanders, which allowed the firm to offer US law for the first time.

Kennedys senior partner Nick Thomas (pictured) said the results underlined the firm’s long-term global growth strategy.

‘We’ve seen excellent international growth, with new offices and a number of strong lateral hires who we are very happy to have welcomed to the firm. We are planning for continued growth in the coming year both domestically and internationally which will, as ever, be centred on where our clients require it and where compelling opportunities present themselves.’

During the last financial year, Kennedys made significant inroads internationally, opening offices in Russia and Denmark, and forming associations in Norway, Sweden and Argentina.

The firm also made nine lateral hires globally including a three-partner personal injury team from Lyons Davidson in Birmingham and DAC Beachcroft’s former Singapore office head Ben Nicholson.

Other UK firms have posted more subdued results, as earlier this week Watson Farley & Williams and RPC reported single digit revenue rises, up 5% and 6% respectively. Yesterday UK boutique Sacker & Partners improved revenues by 13% to £26.8m and profits by 15% to £15.3m