Allen & Overy LLP today announces its half-year financial results for the period 1 May 2013 to 31 October 2013. Turnover is GBP608 million (USD976m; EUR710m), up 7.5% on the same period last year (GBP566m; USD909m; EUR703m).

These results reflect a steady improvement in trading conditions in most markets, with particularly strong performances in London and across Asia Pacific. The results are underpinned by noticeable improvements in the finance and litigation practices.

Commenting, global managing partner Wim Dejonghe, said: “These results put us in a very strong position at the half-year given that many markets around the world are only showing early signs of recovery. They also underline that our strategy continues to deliver and that our global footprint provides an ideal hedge to the varying conditions in the global economy. We will continue to remain focused on our competitiveness to ensure that we can build on what has been a very encouraging first half.”

High profile instructions over the past six months include the litigation practice being heavily engaged across New York, London and Hong Kong in dealing with the fast moving foreign exchange probes; advising The Co-operative Bank and The Co-operative Group on the proposed recapitalisation of The Co-operative Bank; advising the export credit agencies and commercial lenders on the USD5bn financing for the USD9bn Nghi Son Refinery and Petrochemical Project in Vietnam; the first deal to be financed using ING and NIBC’s PEBBLE-Commute financing structure, providing funding for the new EUR300m Zaanstad Prison in the Netherlands; GlaxoSmithKline on the GBP1.35bn disposal of its nutritional drinks brands Lucozade and Ribena to Suntory Beverage & Food; Novartis on the USD1.7bn sale of its transfusion diagnostics unit to Spanish company Grifols; acting on a number of emerging market sovereign debt issues, including Russia (USD7bn), the Republic of South Africa (USD2bn) and Romania (EUR1.5bn).

For further information, please contact Campbell McIlroy, [email protected], on +44 (0)20 3088 2783.

Notes for Editors:
1. Allen & Overy is an international legal practice with approximately 5000 people, including some 525 partners, working in 42 offices worldwide.
2. In this press release ‘Allen & Overy’ means Allen & Overy LLP and/or its affiliated undertakings.
3. The term ‘partner’ is used to refer to a member of Allen & Overy LLP or an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP’s affiliated undertakings.