Full year revenue and profits have increased at listed law firm Knights.
For the 12 months to April 30, the professional services business – which has 13 offices across the UK including in Birmingham, Newcastle-under-Lyme, Nottingham, Leeds,Manchester, Oxford and York – has seen revenue and pre-tax profits rise by 41 per cent and 45 per cent respectively.
Revenue increased to £74.3 million – up from £52.7 million in 2019 while pre-tax profits increased to £13.6 million – up from £9.4 million the previous year.
Strategic and operational highlights of the year include the recruitment a net 108 fee earners – up from net 46 in 2019, it also recruited 15 operational staff, six operations directors and a compliance manager.
At the same time, Knights opened a new office in York, expanded to new offices in Manchester and invested in increased capacity in Oxford.
It also entered the major legal markets of Birmingham, Leeds and the South East via the acquisitions of EGL and ERT, Shulmans, and ASB.
Other acquisitions during the year included Croftons and Fraser Brown in the East Midlands.
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.”