Clyde & Co announces 2011/2 financials
Clyde & Co has achieved global fee income growth of 36% to £287m for the 2011/12 financial year, building on last year's reported growth of 11%. This figure includes six months of the combination of Clyde & Co and BLG which took effect from 1 November 2011. Without the merger growth would have been 17%.
Clyde & Co CEO Peter Hasson said: "We are pleased to announce global fee income growth of 36%, which includes a very strong international contribution and shows that elsewhere the merger did not impact on our focus on clients. Despite continued volatility and challenges across the global economy, we have continued to achieve growth in both revenue and profits from our resolute focus on our core sectors backed by continual investment in the expansion of our international network.
Our Middle East offices had a solid year with 10% revenue growth overall, with particular highlights in Riyadh and Doha where revenue increased by over 50%. The scale and growth within our Middle East operations is illustrated by the six partner promotions we made across all four of our Middle East offices in May this year.
We have focused on our expansion in Asia where our revenues increased by 75% and we will continue to invest in the region, building off our launch in Australia in October this year. Our approach in Australia follows a similar model to the one we have followed in North America where the offices continue to perform exceptionally well, with revenue increasing in the US by 39%. Our four partner promotions in New York and San Francisco reflect the scale of the operations we have now built up.
2011/12 was also a year of heavy investment with merger integration, systems upgrades and 10 office moves driven by the expansion across the firm."