Listed law firm Knights has delivered a strong set of half year results with revenue up almost 30 per cent.
For the six months to October 31, 2021, the expanding legal and professional services business saw revenue increase by 29 per cent to £59.7 million – up from £46.2 million for the comparative period in 2021.
At the same time pre-tax profit increased to £7.6 million which is up from £6 million.
The firm – which has 18 offices across the UK including in Staffordshire, Birmingham, Leeds, Leicester, Manchester and Teeside – says highlights during the six month period include becoming the first law firm to launch a debt advisory service and extending its footprint through a number of strategic acquisitions, this includes entering the North East with the acquisition of Archers in Teeside.
It has also continued to recruit ‘high calibre talent’ from other top 50 law firms.
Now Knights anticipates ‘good trading’ for the second half of the year and is ‘confident’ in delivering a full year performance in line with market expectations.
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Knights CEO David Beech, CEO of Knights, said: “We have delivered another strong period of profitable, cash generative growth, with our increased scale and national reputation as a premium provider attracting high calibre talent, quality work and acquisition targets across the regions.
“An increasing proportion of our new recruits are joining us from Top 50 law firms and we are actively reviewing a growing pipeline of acquisitions.
“Despite our recent organic growth and acquisitions, we have maintained our industry leading levels of debtor days, which is testament to the strength of our integration process and strong culture of cash collection.
“Our outlook for the medium term is positive with recruitment supporting good levels of organic growth, and with further acquisition opportunities. We continue to build on the critical mass we achieved last year, further cementing the strong position we have built in key markets for legal services outside London.”