Law firm sees profits soar as it looks towards further acquisitions
Law firm Knights, which has offices in Leeds and York, has posted strong results for the year-ending 30 April.
The firm say revenues increased by 41% to £74.3m on the back of a string of acquisitions, including Nottingham-based Fraser Brown and Manchester-based Croftons. Profit before tax also rose sharply by 45% to £13.6m.
The firm says it recruited 108 fee earners across the year after entering the York, Leeds and Birmingham markets.
Knights also pointed to “early cost-saving actions” which it says has positioned the firm to trade well through the coronavirus pandemic, which will “accentuate the pipeline of recruitment and acquisition opportunities”.
David Beech, CEO of Knights, said: “We have delivered a year of strong, profitable, cash generative growth and demonstrated progress in line with our strategy to complement organic growth with carefully targeted acquisitions.
“Our recent investments in systems, people and through acquisitions provide the Group with the benefits of scale and resilience, positioning it well for a recovery in our markets.
“Whilst the market remains uncertain, we are pleased to see early signs of a recovery and the current year is expected to benefit from the full year effect of prior year acquisitions and our continued momentum in recruiting high calibre talent, many from other Top 50 law firms.
“Beyond the near term, we anticipate that COVID-19 will only accentuate the recruitment and acquisition 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.”