9th Jul 2019 10:47
(Alliance News) - Legal services firm Knights Group Holdings PLC on Tuesday reported "strong" organic growth in its first year as a listed company in London.
Knights Group joined the London Stock Exchange in June 2018, raising GBP50 million. Shares were priced at 145 pence each. With shares trading at 283.50p on Tuesday, up 5.8% on the day, they have nearly doubled since the initial public offering.
"After a successful track record under private ownership, becoming a public company was the next logical step for Knights to achieve its vision of creating the leading legal and professional services business outside London," said Knights Group on Tuesday.
"We are already seeing the benefits of the listing as we attract a wider pool of potential talent and acquisition targets."
For the 12 months to April, Knights Group's revenue rose 51% year-on-year to GBP52.7 million, with organic growth at 15%.
Pretax profit rose 24% to GBP5.2 million, and on an underlying basis, it just over doubled to GBP9.8 million.
The company is paying a 1.27 pence per share final dividend, taking the year's total to 1.87p.
The average fee per fee earner rose 22% to GBP131,000, and Knights Group made four "quality" acquisitions during the period, which helped revenue grow.
"I am delighted to report our first set of full-year results as a listed business, in which we have delivered cash generative, profitable growth," said Chief Executive David Beech.
"Our strong organic growth, combined with four high-quality acquisitions during the year, means we are now a more diversified business with strengthened positions in our key target markets."
Looking ahead, Knights Group is confident on further profitable growth in both its current financial year and in future.
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