Fairpoint sets out ambitious legal goal

PROFESSIONAL and legal services specialist Fairpoint Group is targeting dramatic growth to break into the top five UK firms in its sector after announcing impressive increases in revenue and profit in 2014.

Chief executive of the Chorley-based firm Chris Moat said the company was looking at a series of acquisitions in the legal sector to steer Fairpoint towards its goal of a £60m turnover – nearly double its current revenue level.

Moat was speaking after Fairpoint trumpeted a 35% increase in revenue to £38.3m, while adjusted profit before tax rose 15% from £8.1m to £9.3m. Adjusted basic earnings per share went up 14% to 17.17p.

The strong performance was helped by the acquisition in June of Leeds law firm Simpson Millar consumer legal services business which resulted 62% year on year increase in debt management plans (DMPs).

“We haven’t put a number on it, but we believe there will be a string of acquisitions in order to hit our target of getting into the top five professional services/law firms in the UK,” said Moat.

“I would expect there to be announcements at least by the half year period.”

Moat said the 700 employee firm – 400 at Adlington near Chorley and the rest in Leeds – was looking to “consolidate the market” for consumers buying legal services.

“The market can be quite daunting for consumers,” he said. “If we can provide a situation where we can predict what we aredoing is going to cost or offer a fixed price, we believe we can offer an increase in accessibility for consumers.

“2014 was a transformational year for Fairpoint as we successfully expanded into the much larger legal services market with the acquisition of Simpson Millar and reported strong growth in revenues and adjusted profits.

Fairpoint Group is an AIM quoted consumer financial services business focused on providing debt solutions and legal services.

It specialises in individual voluntary arrangements (IVAs), DPMs, claims management and legal services.