Firms announce turnover up: but gloom predicted for remainder of year
18 November 2011
Several major firms released their financial results for the first half of 2011 this week, and the figures look generally promising with revenues increasing pretty much everywhere. Yet fears remain that trading conditions for the second half of the financial year may be considerably more difficult.
After last week's exciting revelation
that Allen & Overy
's turnover was up 11% for H1, Norton Rose
has announced revenues up 7% for the same period. And with an aggressive strategy of international mergers in South Africa, Canada and, err, Kazakhstan you'd expect that figure to continue to head in the right direction (although what the costs may do to profit is another issue). A spokeswoman for the firm said "We are pleased at the growth but, like many other firms, we anticipate the second half of the year could be more uncertain for the industry
||A dead cat, yesterday|
has also reported a 7% rise, a recovery from last year's slight dip. The figures were described by the firm as "a good half year which gives us a robust platform for the next six months.
" Although a spokesperson claimed that "market conditions remain interesting, in recent weeks changing almost by the hour.
Over at Pinsent Masons
the picture looks similar, with revenues rising 6% to £105 million. The firm said "while it is still a difficult economic environment, we have made a good start to the year. We are under no illusions that the next six months will be difficult, but we are well placed to continue to grow.
" Which sounds like another firm preparing to batten down the hatches.
Top pick of the week is Addleshaw Goddard
which has announced a strong 11% rise, with the firm stating that it has seen growth "across the board
". Which is good news after a rocky ride in 2010
during which revenue fell 3%.
Rumours persist that Olswang
will shortly announce a 20% rise in revenue: watch this space.