Law firm sees 51% increase in revenue in first full year as listed business
Law firm Knights saw a 51% increase in revenues in its first full year of trading as a public company.
The fast-growing firm saw revenues grow to £52.7m over the last 12 months.
Underlying EBITDA grew by 51% to £11.3m while net debt of £14.1m was £3.7m lower than expected.
The firm, which has offices in Chester and Manchester, was admitted to AIM in June and raised £28.1m through a net placing.
The firm saw an increase in average fees per fee earner by 22% to £131,000 and successfully recruited a net 46 fee earners during the year.
The company also secured a modern, larger office to support expansion in Manchester.
As part of its expansion Knights acquired, integrated and derived planned synergy savings from four quality acquisitions:
• Top corporate law firm by deal volume across the North-West, Turner Parkinson (June 2018)
• Leading independent legal services business in Leicester, Spearing Waite (October 2018)
• Leicester based quality employment specialist, Cummins Solicitors (January 2019)
• Leading commercial law firm in Oxfordshire, BrookStreet des Roches (April 2019)
Knights strengthened its board and leadership team with Richard King appointed as chief cperating officer, Jane Pateman appointed as non-executive director and senior appointments made in Compliance, HR and Sales.
The group has made a good start to the financial year, in line with our expectations and is confident of delivering further progress.
Chief executive David Beech said: “I am delighted to report our first set of full year results as a listed business, in which we have delivered cash generative, profitable growth.
“Our strong organic growth, combined with four high quality acquisitions during the year, means we are now a more diversified business with strengthened positions in our key target markets.
“The group has made a good start to the financial year and we have the team and financial resources in place to deliver our organic and acquisitive growth strategy as we scale up to be the leading legal and professional services business outside London.
“Our recent listing has already supported our ability to deliver that strategy by helping us to acquire four leading firms and we are now starting to see it benefit our ability to attract high calibre candidates into the business.”
