LONDON – LAWFUEL – Press Release Service – Allen & Overy today announces its financial results for the year ended 30 April 2006. Highlights are as follows:
· Turnover up 11% at £736 million
· Profit per equity partner up 20% to £788,000
· Employee bonus pool up 33%; equates to 8 weeks’ salary per employee
Guy Beringer, Senior Partner of Allen & Overy, said:
“Our improved performance reflects the generally favourable economic conditions in most of the countries where we operate. Total income at £736 million was up by 11%, whilst total costs were up by only 6%. The combined effect was that our profit per equity partner at £788,000 was up by 20% on the prior year. This result reflects the buoyancy of our core markets of M&A, finance and litigation around the world, the strength of our international network and improved business efficiencies.
Our finance practice continued to thrive in meeting the demands of an increasingly complex global market. Additionally we were responsible for some of the most groundbreaking and high profile corporate and litigation work. A few highlights include the role of our London office in the Equitable Life litigation and the acquisition of Manchester United by the Glazer family; the role of our Hong Kong and Beijing offices on the Bank of China IPO, the largest in China this year; the role of our Paris office on the Euro 4 billion privatisation of the motorway operator, Sanef, and the role of our New York office in advising GE Healthcare on the US$1.2 billion acquisition of IDX, the US healthcare IT company.
We are committed to sharing success with our people and through everyone’s hard work the bonus pool has increased by 33% from last year. This allows us to reward each employee with an annual bonus payment equal to eight weeks’ salary.”
“We have made an encouraging start to the new financial year and have been busier in the last two months than in the same period last year. Although it is too early to predict how the year will evolve we expect to see continued growth in our key markets globally. We recognise the risk posed by a downturn in the business cycle, but we believe that our strong international restructuring practice will enable us to cope well with this eventuality.
In the well developed markets in which we operate we will continue to build deep relationships with clients, working with them to achieve their business goals. We invest significant time in understanding their businesses so that we are well positioned to assist them as the economic landscape changes and their businesses develop. Overall we will concentrate on what makes Allen & Overy special – providing a quality service to our clients and bringing the best out of all of our people.”