25th Jul 2019 11:44
(Alliance News) - Legal and professional advisory business Gordon Dadds Group PLC reported on Thursday a drop in profit due to extra costs, though revenue surged.
Pretax profit was GBP966,000 for the year to March, down from GBP6.4 million, mainly due to GBP14.2 million of acquisition-related one-off costs.
On an adjusted basis, pretax profit more than doubled to GBP5.9 million. Acquired businesses are integrating on track, Gordon Dadds said, with the main one being Ince & Co's UK and Chinese businesses.
Gordon Dadds is paying a final dividend of 4.0 pence per share, taking the year's total to 6.0p, from 4.0p a year before.
"This is a great set of results and I'm really proud of the hard work of my colleagues around the world. A major highlight during the year was of course the acquisition of Ince in the UK and China," said Chief Executive Adrian Biles.
"The integration phase of Ince is now complete and I think it's noteworthy we did not suffer any partner or client losses during and since the transaction. The opportunity to cross sell by practice area and by geography provided by Ince is huge and has allowed us to accelerate beyond this level."
"We've always been a high growth business - having delivered compound annual revenue growth of over 80% for the last five years," he continued.
"Looking forward, we are well-positioned for significant growth as we look to leverage our existing infrastructure through cross-selling, new client wins and further new hires, acquisitions and alliances."
Shares were 7.3% higher on Thursday at a price of 150.75 pence each.