Clyde & Co’s revenue grew by 2% to £639.6m over its financial year to 30 April against a 7.5% increase in profit-per-equity partner to reach £715k.

Some 55% of the UK-headquartered firm’s revenue is now generated outside its home market, with North America accounting for 22% of its turnover, reflecting a sustained investment programme over many years.

The firm said that on a constant currency basis revenue would have increased by 3.4%, while it pointed out that it had recorded 4.3% of organic – or underlying – growth, contributing £26.5m of revenue. This allowed it to post its 23rd consecutive year of overall growth.

While the firm’s headline financial performance is modest in comparison to some UK rivals – the average PEP hike for top 50 firms to have reported that metric is approaching 20% – CEO Matthew Kelsall said it reflected “a resilient and well-balanced business”.

He added: “We will continue to focus on expansion as well as sustaining our significant investment in technology and innovative practices which will ensure that in a rapidly changing legal market we continue to offer our clients the services they need, delivered in the most effective ways.”

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Together the UK (45%) and North America accounted for two thirds (67%) of the firm’s income. The APAC region generated 14% of the total, the firm’s highly rated Middle East and Africa practice brought in 12%, while continental Europe (5%) and Latin America (2%) remain small markets for the firm.

However, in what was a relatively quiet year for the expansionist practice, in February it opened a Munich office with the hire of a three-partner insurance team from Norton Rose Fulbright.

It has also had a busy start to the current financial year with the hire in May of a team of insurance lawyers from Foran Glennon Palandech Ponzi & Rudloff to open offices in Phoenix, Las Vegas, and Denver in the US.

In the same month, it secured a merger with Canada firm SHK Law in a deal that went live on 1 July, handing Clydes a Vancouver office.

In June, it appointed Montreal-based litigation specialist Carolena Gordon as its new senior partner – the first woman to take charge of the firm and its first leader stationed outside the UK.