Law firm enjoys ‘positive momentum’ as profits increase
Professional services firm Knights, says it anticipates profits before tax to reach £21.5m, a 19% increase on the previous year.
In its full-year trading update, the Staffordshire-headquartered group expects to report £142m of revenue, following the recent successful acquisitions of Coffin Mew and Meade King.
Knights says it will continue to selectively review a pipeline of potential targets after its purchase of Newcastle-based St James Law and Baines Wilson, located in Carlisle, earlier this month.
It believes its “reputation and culture” to be a driving force in attracting “high-quality talent” across the regions it operates in. The firm is looking to make operational improvements to bolster its productivity and hopes to see the benefits of that in the new financial year.
Net debt as at the end of April 2023 is expected to be around £29m giving significant headroom against its revolving credit facility of £60m.
David Beech, CEO of Knights, commented: “Knights has made good progress during the year, delivering on our strategy of selectively making acquisitions, attracting high quality talent, driving operational improvements across the business and strengthening our team of Client Services Directors.
“We enter the new financial year well placed to deliver organic growth from our increased network of integrated regional offices, with positive momentum across the business from new client wins and a strong pipeline of partner hires.”
