15th Jan 2020 09:30
(Alliance News) - Legal services provider Knights Group Holdings PLC on Wednesday upped its first-half payout, reported earnings growth and said it is eyeing making further takeovers of independent law firms.
In the six months to October 31, revenue climbed 34% year-on-year to GBP32.0 million from GBP23.9 million with pretax profit doubling to GBP2.8 million from GBP1.4 million.
Knights raised interim dividend by 83% to 1.10 pence per share from 0.60p.
Chief Executive David Beech said: "The group has delivered another period of strong, profitable growth including double digit organic growth. This performance, combined with our investments in the hiring of fee earners and operational support colleagues, premises and systems, positions Knights well to continue to build the leading legal and professional services business outside London."
In a productive first half, the company recruited 43 net new fee earners, compared to 46 across the whole of last year.
Knights added: "In addition, our pipeline of new joiners is strong with 31 fee earners having accepted positions as at 31 October, 2019. These new recruits include an increasing number of professionals from the top 50 law firms looking to further their careers at Knights, which is testament to our reputation, business model and culture."
In November, Knights entered Birmingham, after acquiring law firm Emms Gilmore Liberson for GBP4.7 million.
Earlier this month, Knights bolstered its presence in the West Midlands city, dubbed the UK's second city, by purchasing commercial litigation specialists ERT Law Ltd in a deal worth GBP1.8 million.
Looking ahead, the company said it has an "attractive acquisition pipeline of independent law firms outside of London".
Knights joined the London Stock Exchange in June 2018, raising GBP50 million at 145 pence a share.
On Wednesday morning in London, it was trading 1.4% lower on the day at 364.00p each.
By Eric Cunha; [email protected]
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