22nd Nov 2022 11:22
(Alliance News) - Knights Group Holdings PLC on Tuesday said profit and revenue increased in the first half of financial 2022, as its prior year acquisitions are "performing well".
Staffordshire, England-based Knights Group is a legal and professional services business.
Knights Group reported an 18% increase in pretax profit to GBP9.0 million in the six months that ended October 31, up from GBP7.6 million the year before. Its profit margin maintained at 12.6%.
Knight's revenue increased to GBP71 million, up 18% from GBP60 million. The group's prior year acquisitions of law firms Keebles, Archers Law and Langleys have integrated and are performing well, Knights said. The sale of the non-core home property lawyers part of Langleys was completed in September 2022.
Knights said its focus on lock up has led to net debt of GBP35.6 million, up 23% from GBP28.9 million the prior year, after paying GBP7 million of acquisition consideration and related costs in the half year.
At the end of October, there was "significant" headroom of GBP24.4 million against Knights's Revolving Credit Facility of GBP60 million.
Knights Group shares were up 4.1% to 84.00 on Tuesday morning in London.
By Jaskeet Briah; [email protected]
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