AIM-listed law firm Gordon Dadds has grown its revenue by more than two thirds (69%) to £52.6 million, propelled by several acquisitions last year. 

Its financial results for the year to March 31, posted on the London Stock Exchange today (July 25), also show that operating profits grew by 73% to £15.2 million.

Meanwhile, the statement also details that the firm has "annualised consolidated revenues of around £100 million" – the aggregate of the group's subsidiaries' earnings.

The group has also reduced its net borrowings by £5.5 million, the statement revealed, and it spent £1,357,000 refurbishing its Aldgate office during the year. The firm last month also moved its insurance team into the Lloyd's building.

The firm said in the statement that it is looking to reduce its interest in the real estate market, due to the market being "highly competitive, cyclical and higher risk".

Group CEO Adrian Biles told Legal Week: "It's the first full year of the various deals we did last year. Principally the five acquisitions, and we're now seeing the benefit."

The group intends to continue its acquisitive drive, including exploring jurisdictions in southeast Asia.

"We have all sorts of things in the pipeline," Biles said. "We have a real appetite to explore other places and to be in places where we have substantial clients and revenue already."

During the year, the firm made five acquisitions – most notable of which was the pre-pack takeover of Ince & Co. The release shows that the consideration for the acquisition of Ince overall is estimated at £21 million. The firm paid an "initial consideration" of £6,350,000 in cash to repay partners' capital loans.

Aside from the Ince acquisition, the firm last year also acquired fintech corporate law firm White & Black, for which Gordon Dadds will pay a "deferred consideration" of £500,000. In March, the firm also acquired Ramparts Corporate Advisors – a Gibraltar-based international finance and technology practice, which focuses on online gaming and electronic payments.

Gordon Dadds Group's share price peaked at 153p after the results were announced today.