Travers Smith unveils double-digit revenue growth as profitability soars 24%

Travers Smith unveils double-digit revenue growth as profitability soars 24%

In its ninth consecutive year of revenue growth, Travers Smith has recorded an 18% uptick in turnover to £146.9m, while profit per equity partner (PEP) also saw a dramatic increase.

The private equity leader’s 2017/18 performance eclipsed last year’s result when revenue inched up 4% against a backdrop of Brexit uncertainty.

Travers’ robust performance was also reflected in a 24% hike in PEP, jumping from £970,000 in 2016/17 to £1.2m this year.

Travers managing partner David Patient (pictured) said: ‘A lot of hard work, from every team across the firm, has gone into producing these excellent results.

‘The strategic investments in our people and business over the last few years are paying dividends, and the confidence we, and our clients, have in our model is reflected in some fantastic work this year,’ added Patient.

Undoubtedly a major factor in the positive results is the firm’s ability to punch above its weight, particularly in big-ticket private equity deals.

Long-standing client Bridgepoint proved a fruitful source of work for Travers over the last year, with the firm advising the private equity shop on its £1.5bn sale of food chain Pret A Manger in June. In another gastronomical deal, Travers was again on hand to advise Bridgepoint as it acquired a raft of UK Burger King franchises.

Other standout mandates included the firm’s representation of PureGym’s management team as its business was acquired by US private equity house Leonard Green & Partners for £600m.

Travers is currently led by Patient and senior partner Chris Hale, with Patient being re-elected as managing partner at the beginning of this year and starting his second three-year term on 1 July.