Profits to double to reach £9.7m at Knights

David Beech, CEO of Knights

Revenue is up 50.6% and profits have doubled at Knights, the Leicester and Derby-based law firm, according to a full year trading update for the year ended 30 April 2019.

The Group said it performed well in the second half of its financial year, with strong organic growth complemented by contributions from acquisitions.  

As a result, revenue for the full year is expected to be not less than £52.4m – a 50.6% increase compared to the prior year (2018: £34.8m) – and reflects 15% organic revenue growth. Adjusted profit before tax is anticipated to be slightly ahead of market expectations at £9.7m, a 102% increase from the £4.8m reported for the full year ended 30 April 2018.

During the year, Knights made four acquisitions including Leicester’s largest independent law firm, Spearing Waite, in October 2018 and Leicester-based employment law specialist, Cummins Solicitors, in January 2019.

David Beech, CEO of Knights, said: “We are pleased to announce this strong performance in our first full year as a listed company on AIM. We continue to deliver on our strategy, both organically and through selective acquisitions, resulting in strong, cash generative, profitable growth. 

“Our successful recruitment drive and selective acquisitions during the year also provide us with a strengthened platform delivering high quality services through a results-driven and collaborative culture with more diversified expertise across a broader geographical base.  We, therefore, look forward with confidence to the current year and beyond.”