Eversheds reports 7% increase in PEP over flat revenue
Eversheds has reported that revenues remained flat at £355m in the 2010-2011 financial year, while profits increased by 3 per cent and Profits per equity partner increased 7 per cent to £550,000.
Eversheds chief executive Bryan Hughes said: "This is a very solid set of results. Whilst revenues were flat, the continuing trend of rising profits coupled with a very favourable cash position emphasises the robustness of the business."
He added: "What is particularly pleasing is that we are achieving significant profitable growth in a number of our strategic growth areas. No one is yet calling the end of the recession, however, we are hopeful that we are through the worst and are confident about the next 12 months and the strength of our business."
The results come after the firm began its fifth round of redundancies in two years in August, cutting 75 jobs as a result of a back-office outsourcing agreement with Accenture.