Fast growing law firm sees 36% growth in revenues as expansion continues
Law firm Knights saw a 36.6% increase in revenues to £23.9m in the first half of the year.
The firm, which is based in the Potteries and has offices across the North West, has issued its first half year results following its float in AIM last year.
It also announced it has acquired Leicester based employment specialist Cummins Solicitors.
The firm saw a 10.3% increase in revenue from organic growth and adjusted EBITDA grew by 49.7% to £5.3m.
Knights was admitted to AIM in in June 2018 with £28.1m net proceeds raised in an over-subscribed placing.
There has been an increased in average fees per fee earner by 24.5% to £66,000 reflecting the focus on enhanced efficiency and productivity.
A total of 35 new recruits have joined or agreed to join the group’s existing offices and there has been a new office opening in Manchester.
The acquisition of Turner Parkinson in Manchester in the summer was one of the top corporate law firm deals in the UK.
There has also been an expansion of the board with Richard King, currently non-executive, becoming chief operating officer.
Jane Pateman’s appointment as a non-executive director was announced this morning.
A continued strong trading performance into the start of the second half means the firm is confident about the year ahead.
David Beech, Knights chief executive, said: “We have delivered a strong financial performance of highly cash generative and profitable growth during the half year and made good progress with our ambitious strategy to develop the business organically and consolidate the legal and professional services sector outside London.
“The strong trading performance of the first half year has continued into the start of the second half year and this, together with the new recruits and the full integration of Turner Parkinson and Spearing Waite, supports the board’s confidence that the Group will meet expectations for the full year.”
