CMS announces 2010/2011 financial results
Date: 27/05/2011CMS has achieved combined annual turnover of 757.7m Euros (£656.7m) for the 2010 calendar year, representing an increase of 3% on the previous year's total of 737.5m Euros (£639m). CMS Cameron McKenna’s unaudited results for the financial year to 30 April show a turnover of £225m, up 5% on the previous year’s turnover of £214m. Average profit per equity partner is £500,200, 11% higher than last year (2009/2010: £453,000).
Managing Partner, Duncan Weston, commented on the results:
“In the context of the current economic climate, we have delivered a robust performance across Europe. CMS continues to go from strength to strength and is being recognised as a leading force in Europe. We can see tangible evidence through our multi-jurisdiction pitch win rate increasing in 2010 to 57%. This is a 7% increase on 2009. The number of CMS’ multi-jurisdictional pitches also has risen consistently over the last three consecutive years, growing 30% year on year. We have expanded our footprint with new offices opened in Luxembourg and Albania and we have welcomed 38 new partners to CMS, which brings our total number of partners to just fewer than 800.
“Our sector specialist knowledge throughout Europe means that we have been able to provide support for our clients in a market that continues to be both highly competitive and challenging. Sectors that have performed well include Energy & Utilities, Financial Services, Lifesciences and TMT, all advising international clients on high-profile mandates. We have seen positive performance across Europe, notably the UK, Austria, Bulgaria, France, Germany, Italy, Poland and Switzerland.”
Highlights of 2010/2011 include:
Notable deals and achievements
- Successful reappointment to significantly reduced panels including BP, National Grid and Royal Mail.
- Advised longstanding client Takeda, the largest Japanese pharmaceutical company, on its €9.6 billion (debt-free cash free) (£8.3m) acquisition of Swiss drug company Nycomed. This is one of the most significant deals to occur in the lifesciences sector this year and involved 13 CMS offices.
- Advised the Delhaize Group on the acquisition of Delta Maxi Group, the leading Serbian food retail company which operates more than 450 stores in five Southeastern countries. This €932.5 million deal (£807.9m) took place in 8 different CMS jurisdictions.
- Advised Royal Mail in relation to its new 10 year facilities management contract with Romec Limited, its joint venture with Balfour Beatty Workplace. Under the new services agreement, which will come into effect immediately, Romec will provide contracted services to Royal Mail Group worth £900 million with further variable scope for works worth up to £900 million over the 10-year term.
- Advised Lloyds TSB Development Capital (LDC), the private equity arm of Lloyds Banking Group, on its £100 million acquisition of Easynet, the global provider of managed solutions and business connectivity services, from BSkyB. Led from London, the high-profile deal required CMS expertise in Corporate, Competition, TMT, Banking & Finance and Tax, with input from lawyers and tax advisers in Belgium, France, Germany, Italy, Netherlands, Spain, Switzerland and the UK.
- Advised BP on their US $7 billon dollar sale of to Apache Corporation involving oil and gas assets in the US, Canada and Egypt.
- QI 2011 rankings were announced in early April and once again CMS has performed extremely well with key highlights below:
#1 Europe by Deal Count in Bloomberg and Thomson Reuters Mid-market
#1 UK by Deal Count, Thomson Reuters
#2 Europe by Deal Count, Thomson Reuters
#2 Global, Bloomberg (counsel to principal) - Finance Monthly: Best Spanish Law Firm (M&A, EU Law) 2011
- Chambers Europe: German Client Service Law Firm of the Year 2011
- Winner of the 2011 Legal Business Award for Regulatory Team of the Year – in recognition of work on the UK’s first high speed rail line, High Speed 1 (HS1).
- Winner of the Acquisitions Monthly 2010 Mid-market Law Firm of the Year Award.
CMS
- Announced the appointment of 36 new partners in 2010, including 14 in the UK and two in CEE. Across Europe and BRIC, CMS now has almost 800 partners servicing clients. Throughout the year, CMS has made 9 lateral hires in the fields of Financial Services and Dispute Resolution.
- The CMS footprint continues to expand, opening an office in Albania and Luxembourg.
In April in the UK, we transferred the majority of our UK business services to Integreon which will enable us to provide an enhanced and more efficient service to clients.
