DWFDWF Global Revenue Climbs 15%
The firm had its main market debut in March, with a valuation just shy of its £366 million projection.
June 03, 2019 at 05:43 AM
2 minute read
Listed firm DWF expects its global revenue for the most recent financial year to have risen by at least 15%, according to its brokers.
Based on the previous year's audited global revenue figure of £236 million, if the firm achieves 15% growth its global revenue will climb by £35.4 million to £271.4 million.
The firm's international business revenue has rocketed by 70%, according to the firm's statement, while the firm's alternative services line 'connected services' has grown by 20%.
The firm has also increased its net partner headcount by 19 for the 12 months since May 1, 2018, while year-end net debt stands at £35.1 million.
The firm expects to pay a full-year dividend of £3 million in September 2019 and, according to brokers Stifel, to see earnings before interest, tax, depreciation and amortisation of £33.8 million – representing 39% growth.
Audited figures are expected at the end of July.
DWF enjoyed a "satisfactory" main market debut, according to an independent broker. The firm officially listed on the main market on March 11, with an IPO price of 122p, anticipating a market cap of £366 million. That figure has since dropped to £355.8 million against a share value of 118.6p, as of today (June 3).
In the last year, the firm has upped its expansion efforts, acquiring an 85-strong K&L Gates team in Warsaw, as well as key hires in Singapore. However, the firm closed its Milton Keynes office earlier this year.
DWF CEO Andrew Leaitherland said: "This has been another year of strong financial performance across our business, including good organic growth rates in our insurance and commercial services divisions and double-digit growth in connected services and international, providing a firm foundation on which to begin life as a public company. Our international business in particular has shown extremely strong revenue growth."
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