Travers Smith’s latest accounts show its profits continued to drop in the year to June 30, 2023, amid challenging market conditions.

The recently-filed limited liability partnership filings at Companies House showed operating profit at the U.K. firm for the 12-month period had dropped by 13%, from £75 million to £65.3 million. In the previous year, to June 2021, the profit had been £78.7 million.