Legal Business Blogs

H1 2015/16: Steady as she goes – A&O attributes 4% revenue rise to London performance

Allen & Overy (A&O) has posted a 4% revenue increase for the first six months of the 2015/16 financial year. Turnover rose to £642m rising 3.6% from the same period last year.

According to the firm, growth was largely down to the London office performing particularly well, alongside ‘noteworthy performances’ in Australia, Belgium, China, Luxembourg, Russia, Singapore, Spain and France.

The firm’s corporate practice in particular saw a ‘surge in big-ticket M&A’ while the disputes team also performed well due to the ‘wave of regulatory investigations that has kept them busy showing no sign of abating’.

The Magic Circle firm has had a busy few months for initial public offerings (IPO), and recently advised on the prospective IPO of UK IT infrastructure provider Softcat, led by corporate partner James Roe and US securities partner Adam Wells. The firm also won a key role on retirement homebuilder McCarthy & Stone’s planned £1bn flotation, while other recent IPO mandates for A&O includes work on the listings for Equinity, Worldpay, Ibstock and Funding Circle.

Managing partner Wim Dejonghe said: ‘The first half has again demonstrated the balance and underlying resilience of our business model – the firm is well hedged and diversified. But more than anything these results highlight the determination and commitment of our people, at all levels within the firm, and it is this that ultimately drives A&O’s success.’

The numbers roll on from a year of respectable growth in 2014/15 when turnover reached £1.28bn up 4% from £1.23bn, despite top-line figures being slowed down because of currency fluctuations.

A&O is the first Magic Circle firm to release its first half figures, following Osborne Clarke, Fieldfisher and Fladgate.