Knights reveals soaring profits despite instructions dip
Register for free to receive latest news stories direct to your inboxRegister
Professional services group Knights is predicting big growth in revenue and profits for the year-ending 30 April.
In a trading update issued this morning (21 May), the firm said it expects turnover to rise by 40% to £74m, while profits will soar by 44% to £13.5m.
Despite this, Knights says it has felt the impact of the disruption brought on by the coronavirus epidemic which brought about the “short term disruption to the Group’s ability to transact on behalf of its clients”.
The firm said it lost around a fifth of instructions, but that it is “encouraged” by signs that the market is stabilising. Its staff will continue to work from home until September at the earliest, the firm said.
David Beech, chief executive of Knights, said: “Our early actions have positioned the Group well for the current market environment and I am proud of the way in which our people have responded with such agility to working from home as they continue to deliver outstanding service to our clients.”
“We are pleased with how our recent acquisitions have performed, having most recently successfully completed and integrated Shulmans and ASB.”
“We are confident that our model and culture will enable us to emerge in a stronger position from this current environment, and that remains our focus in the near term. Beyond the near term, we anticipate that COVID-19 will only accentuate the opportunities for our resilient, well-invested, diversified and cash generative business in the highly fragmented and often under-invested market for legal services outside London.”