Allen & Overy announces half-year results
20 Nov, 2012
Allen & Overy LLP announces its half-year financial results for the period 1 May 2012 to 31 October 2012.
Turnover is GBP566 million (USD909m; EUR703m), down 2.7% on the same period last year (GBP582m; USD939m; EUR664m). On a constant currency basis reported turnover grew by 1%.
These results reflect a sustained reduction in transaction levels in most markets. Despite this, the first half saw particularly strong performances in Germany, where Allen & Overy has been named law firm of the year, Poland, South East Asia and the Middle East.
Commenting, managing partner Wim Dejonghe said: “We continue to help our clients address the challenges we all face in the current market. Our focus on financial and operational discipline are also central to ensuring we remain competitive in a low growth environment. Market conditions will no doubt present further challenges during the second half but we are confident that if we maintain our focus and stay close to our clients, the underlying resilience of our business will stand us in good stead.”
High profile instructions over the past six months include advising on Italy’s EUR18 billion bond issue, the largest amount ever sold in a single debt offering in Europe, according to Thomson Reuters; advising Hong Kong Exchanges & Clearing Limited (HKEx) on its GBP1.388bn recommended cash offer for The London Metal Exchange; ING on the sale of its Malaysian life insurance business to pan-Asian life insurer AIA; and representing Samsung Electronics on the French part of its worldwide IP litigation against Apple Inc. concerning the parties’ smartphones and tablets.