05:35, June 20 105 0

2017-06-20 05:35:12
CMS revenue stays static as merger beds in

CMS’ revenue stayed static over 2016/17 in its final results as a stand-alone firm.

The firm posted year-end turnover at €999m, although said that its turnover would be €1.05bn if currency fluctuation was removed.

In 2015/16, CMS’ turnover grew by 8.4 per cent, from €934.5m to €1.01bn. It was the first time CMS had broken through the €1bn mark.

CMS did not give any indications as to its profit figures, but last year its profits increased by 6.8 per cent.

It also did not disclose Nabarro and Olswang’s 2016/17 financial results, which are expected to be announced later in the summer.

The combined firm’s turnover will increase significantly in 2017/18 when it takes into account all firms’ results.

Nabarro’s turnover increased by 3.5 per cent in 2015/16, from £126m to £130.4m.

However, Olswang posted an 11 per cent drop in turnover in the previous financial year amid an 8 per cent fall in net profit.

CMS has also embarked on an international growth drive in the past year, opening up offices in Chile, Colombia and Peru. It additionally launched in Tehran and Hong Kong, while Angolan firm FTL Advogados is now an official partner of CMS Portugal.