UK Listed Firm Anticipates Bumper Year Despite 20% Work Decline
The firm has cancelled its latest dividend and expects working from home measures to be in place until September.
May 21, 2020 at 07:04 AM
2 minute read
David Beech, Knights Group CEO
Listed law firm Knights Group's instructions fell by around 20% as a result of the COVID-19 pandemic, but the firm still expects bumper profits and revenue for the year, its latest trading statement has said.
According to the latest trading statement issued by the firm, the decline in work occurred in the past few weeks. It cited stock market disruption in early April as the main driver behind the slow-down, but the statement added that the board was encouraged by early signs of market stabilisation.
Despite the downturn, Knights Group said that it expected to make profit and revenue increases of over 40% compared to last year.
It expects revenue for the next full year to hit around £74 million, compared to £52.7 million in 2019, while anticipating pre-tax profit at around £13.5 million, up from last year's £9.4 million.
The firm confirmed it will hold dividend pay outs as part of cost-saving measures during the pandemic. It also said that its current working from home measures will continue until September at the latest.
In the statement, Knights Group CEO David Beech said: "Beyond the near term, we anticipate that COVID-19 will only accentuate the opportunities for our resilient, well-invested, diversified and cash generative business in the highly fragmented and often under-invested market for legal services outside London."
Beech was recently included on the Sunday Times rich list as the 923rd richest person in the U.K., with a personal fortune of £130 million.
A number of U.K. listed firms including Keystone Law and Gateley also decided to cancel dividend payouts in March this year, as the country went into lockdown in response to the pandemic.
Read more
U.K. Law Firm Cancels Shareholder Payouts Amid COVID-19 Fallout
DWF Share Price Crashes as Keystone Cancels Dividends In Latest Virus Disruption
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