Ashurst announces its results for the financial year ended 30 April 2020

• Revenue of £644 million
• Average profit per equity partner of £903,000 (second highest since global financial crisis and average growth rate of more than 10% over each of the last three years)

"FY20 was a year of consolidation," said Paul Jenkins, Ashurst's Global Managing Partner. "Our aim in FY20 was to sustain and build on the strong 14% revenue growth we saw in the previous financial year and it was pleasing to see that growth continue. We were on target to achieve a higher level of growth until late January when markets in Asia Pacific, in which we now generate almost 50% of our revenue, were the first to be disrupted by the pandemic. Our other markets were impacted towards the end of the financial year. We have delivered a robust performance despite these challenging market conditions."

"The resilience of the business, its broad geographic reach and product diversity, and careful management, allowed us to navigate market conditions and to deliver consistently for our clients and our people."

In spite of revenue for the final quarter in Asia Pacific being 10% lower than budget due to the pandemic, Paul Jenkins pointed to the firm's strengthened underlying performance in Asia, with the Hong Kong and Singapore offices showing particularly good rates of growth for the full financial year. The Continental European offices and US offices also delivered strong increases in revenue and the firm posted robust results in Australia and the UK, in line with expectations and market performance in those jurisdictions.

在全球范围内,公司的投资funds and digital economy practices had standout years, with significant double digit revenue growth. Continued investment and strategic focus on the dispute resolution capability was also reflected by double digit growth across EMEA. Increased demand in restructuring and regulatory work also saw solid revenue increases for the EMEA restructuring practice and Asia Pacific financial regulation practice. Ashurst's leadership in the energy and resources market was reflected by double digit growth in EMEA.

"Transforming and growing the business has seen us significantly develop our capability, new lines of business, our operating model and tech platform," said Paul Jenkins. "To meet client demand, this year we launched Ashurst Consulting, a new business line providing specialist risk and board advisory consulting services. The team is delivering beyond expectations, with a strong flow of instructions in the first few months of operations, including significant mandates from two major financial institutions. Ashurst Consulting is set to become even more critical as we advise clients on post-COVID recovery plans."

"We continued to augment our NewLaw capability, with Ashurst Advance having an impressive year that saw a 34% income growth and also significant increases in utilisation and capacity."

In the last year, Ashurst also expanded its US offering, by opening an office in Los Angeles as a key step in the goal to become one of the world's leading projects, project finance and infrastructure firms. That was reflected by double digit growth in those areas in the US.

FY20 saw further progress on the firm's Diversity & Inclusion Action Plan, with a strong focus on ethnic and racial diversity, and disability and resilience. In relation to gender targets, although there is some way to go, the firm has now exceeded its 2021 target of 30% of legal management/leadership roles to be held by women and met its target of 50% for senior business services.

"With sustainability being one of the most critical global issues today, we appointed our first Global Environmental, Social and Governance partner," said Paul Jenkins. "We have had good engagement both in terms of how we advise clients as well as our own sustainability efforts. As the pandemic continues to have a profound effect on many parts of our community, we also saw our pro bono time increase by 18% this year."

"We are proud of the commitment of our people and the exceptional outcomes we have delivered for clients during a challenging period in the market. Participation in our reduced working scheme, introduced as part of the Stronger Together Programme, was very strong with over 99% of eligible staff agreeing to take part. Despite ongoing market conditions, the scheme will end on 31 July as originally contemplated."

Looking to 2021 Paul Jenkins said that "We have seen significant recovery in Asia with a return to revenue levels experienced prior to the pandemic and we are also seeing encouraging signs in the UK and Continental Europe. There remain significant uncertainties ahead but we are confident that the decisions we have made, the strength of our international platform and our ongoing investment in priority areas has set us up for success and we have entered the new financial year in a strong position."

Representative mandates:

• ADNOC on its US$20.7 billion energy infrastructure deal - one of the largest global energy infrastructure transactions
• Bp on its US$12 billion debut corporate hybrid debt issuance - the largest debut corporate hybrid debt issuance and the largest multi-tranche corporate hybrid issuance ever priced
• The NSW Government on the Sydney Metro Northwest, City & Southwest project - Australia's biggest public transport project
• Advising the liquidator and special managers of Thomas Cook
• Facebook on 2Africa - one of the largest subsea projects in the world, connecting 23 countries in Africa, the Middle East and Europe
• 沃尔沃斯在Endeavour Group Transformation - creating Australia's largest integrated drinks and hospitality business
• Intermediate Capital Group on the establishment of its first dedicated mid-market fund, ICG Europe Mid-Market Fund, which raised €1 billion
• Telxius Telecom on its €1.5 billion agreement with Telefónica Deutschland to acquire around 10,000 phone mast sites
• ING on the provision of the world’s first sustainability performance linked fund financing
• HM Treasury on the UK Government's Future Fund, as well as assisting the British Business Bank in delivery of the Fund
• UBS Infrastructure Debt Fund on the financing of the acquisition of a portfolio of distressed loans by WRM Group from MedioCredito Italiano - the largest distressed solar loan acquisition in Italy
• Oaktree Capital Management on the financial aspects of the €850 million acquisition of Banco Sabadell's real estate development company Solvia Desarrollos Inmobiliarios
• Transport for London on the Silvertown Tunnel project
• East Rockingham waste-to-energy project - only the second large-scale waste-to-energy facility to reach financial close in Australia
• NatWest on its inaugural SONIA loan to National Express
• 经理和受托人在第一次债券to be listed and cleared in Macau via the MOX, issued by Zhuhai Huafa
• Valesco on its €1.2 billion acquisition of Tour des Finances - the largest single asset acquisition in mainland Europe in recent years and the second largest single asset acquisition in mainland Europe ever
• The underwriters on a landmark green bond issuance for Greenko - Asia's largest corporate green bond offering in 2019.