Law firm DWF increases revenues
LAW firm DWF, a global provider of integrated legal and business services, continued to enjoy strong activity levels in the second half of its trading year, with revenues, at £338 million, growing more than 13 per cent (8 per cent organic).
In a trading update for its financial year ended April 30, it said all divisions delivered growth in 2021 compared to the previous year, and its pipeline remains robust.
DWF's adjusted profit before tax of £34 million was 15 per cent ahead of market expectations and its net debt, at £61m, reduced despite acquisition-related payments of £17m.
During the year DWF - which employs 100 people in Belfast - acquired Zing 365 Holdings, a compliance training business, and reached an agreement to acquire BCA Claims & Consulting, a Canadian insurance claims and loss adjusting business.
It predicts that the acquisitions will add around £3m of revenue and £0.5m of adjusted profit before tax in 2022.
Chief executive Sir Nigel Knowles said: "This week marks the first anniversary of my tenure as CEO and I am delighted with our results which show significant improvement on the prior year and a strong performance in their own right.
"We have grown the business, transformed our profitability, improved our operational efficiency and strengthened our balance sheet notwithstanding the impact of Covid-19 during the year.
"These results are testament to the resilience, dedication and excellence shown by our colleagues right across the business. Since my appointment last year, we have emphasised the importance of a 'one team' approach and it is paying off."
He added: "We have very clear differentiators versus the rest of the legal sector: we are the only main market listed global legal business, we have a unique client proposition which offers integrated legal and business services, and in Mindcrest we are the only law firm to own a market leading alternative legal services provider.
"This significant global addressable market supports our confidence that we can continue to deliver strong growth in all of our markets, both organically and through acquisitions.
"We have continued to align our global businesses with our core strategy - reorganising operations in Australia, which is expected to be earnings enhancing, and striking new exclusive associations with firms in Singapore and South Africa. We already have established relationships and fee earning work is underway with these two firms and we see promising opportunities for more.
"We launched our new global operating structure on May 1 which will bring efficiencies to our business and enhance our ability to combine the services of our legal advisory, Mindcrest and connected services to deliver bespoke solutions to our clients with greater efficiency, price certainty and transparency. Our results reinforce the confidence we have in the execution of our strategy."
DWF will publish its full-year results on July 21.