Allen & Overy (A&O) has become the first magic circle to announce its 2012-13 financial results, posting a marginal increase in turnover and static profits per equity partner (PEP).

The firm saw turnover rise by 0.6% to £1.19bn, up on £1.183bn in 2011-12, while PEP was flat at £1.1m, the same figure the firm recorded last year.