Knights CEO  David Beech

Listed law firm Knights' revenues soared by more than a third to hit almost £24m in its first half-year financial results since its initial public offering in June last year.

During the six month period ended October 2018, the firm's revenue grew by 37% to £23.9m – compared to £17.5m during the equivalent period last financial year – while pre-tax profits more than doubled to £4.4m.

Last full financial year the firm saw revenues rise to £35m, and Knights CEO David Beech added today that the firm is on track to achieve a strong full-year performance during 2018-19.

He said the bulk of the most recent half-year revenue growth came from its acquisitions of other law firms. The firm sealed its sixth takeover this week, with Leicester-based employment firm Cummins Solicitors.

Just 10% of the revenue increase was a result of "organic" growth, according to Beech.

Some 320 Knights staff members bought shares in the business upon its float, and last autumn the firm introduced a 'save as you earn' scheme, allowing employees to buy shares at a fixed point in the future at an agreed price.

Beech said 70% of the firm's staff have now participated in the share schemes.

He added: "We can utilise the shares in acquisitions and recruitment – as they strengthen, we become a more attractive option."

The float saw the firm raise £28.1m and issue 71,379,311 ordinary shares to trade on AIM.

Knights has undertaken a concerted domestic expansion drive in recent years. Last year it also acquired Leicester firm Spearing Waite in a £5.25m deal, adding to its existing offices in Cheltenham, Chester, Newcastle-under-Lyme, Derby, Oxford and Wilmslow.

The firm became the fifth to float last year, following Gateley, Gordon Dadds, Keystone Law and Rosenblatt.

Research undertaken by Thomson Reuters last year showed one fifth of finance directors at the UK's 100 largest law firms would consider an initial public offering, compared with just 4% in 2013-14.