International firm Clyde & Co has reported a robust set of financial results, with its insurance practice growing strongly as a result of Covid-19.

According to figures for the year 30 April 2021, global profit rose by 7.6% to £153.5m and average profit per equity partner (PEP) increased by roughly the same amount, to £715,000. Global revenue crept up by 2% to £639.6m – the firm’s 23rd consecutive year of growth.

Over half of Clyde & Co’s revenue is now generated outside of the UK, with 22% from North America and 14% in Asia-Pacific, and the firm has opened several international offices this year.

Matthew Kelsall, chief executive, said: ‘This has been a challenging and uncertain year for all businesses, so it is especially pleasing to have once again posted strong underlying growth while at the same time being able to take long term decisions for the firm by accelerating our significant multi-year investment programme.

‘This year more than ever we benefitted from being a resilient and well-balanced business, with our insurance practice growing especially strongly, in part as a result of an influx of global Covid-19 mandates. In addition, those areas more adversely impacted by the pandemic performed better than we expected.’

Clyde & Co vacated part of its London office earlier this year in a move to hybrid working, where staff can work from home up to three days a week. It also began a redundancy consultation in November and it was later reported that the firm had axed 12% of its UK secretarial staff.

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