Knights Profits and Revenue Soar Following Buying Spree
The results follow a series of acquisitions across the U.K. including in Birminghma, Leeds and Manchester.
July 22, 2020 at 05:24 AM
2 minute read
David Beech, Knights Group CEO
Knights Group has increased its revenue and profits by over 40% for the recent financial year as the U.K. listed firm's aggressive expansion continues.
Underlying profit before tax rose to £13.6 million, up from £9.4 million last year, while revenues rose to £74.3 million, up over £20 million versus last year, according to annual results released by the firm on the London Stock Exchange.
Net debt however grew by over 12% to £15.9 million. The firm confirmed in the announcement that no final dividend payment would be made to shareholders, following an interim payment made in May.
The firm made a series of regional acquisitions across the year, including in Birmingham, Leeds and the South East of England.
The firm also grew its presence in Manchester and the East Midlands with the acquisitions of Croftons and Fraser Brown respectively.
Additionally, Knights opened an office in York, moved into new offices in Manchester and invested in increased capacity in Oxford. Overall, the firm added an additional 108 fee-earners to its ranks for the year, the statement said.
Knights Group CEO David Beech said in a statement: "Beyond the near term, we anticipate that COVID-19 will only accentuate the recruitment and acquisition 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."
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