22nd Jul 2020 19:07
(Alliance News) - Knights Group Holdings PLC on Wednesday posted a double-digit annual revenue hike and noted "early signs of recovery" of market conditions following the emergence of Covid-19.
Revenue in the year ended April 30 climbed 41% to GBP74.3 million from GBP52.7 million, though pretax profit slumped 16% to GBP4.1 million from GBP4.8 million.
Staff costs were up 51% to GBP45.6 million from GBP30.1 million, the legal and professional services firm said.
Knights decided against a final payout, meaning its total dividend has been reduced by 41% to 1.10 pence per share from 1.87p.
"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," Chief Executive Officer David Beech said.
"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."
Shares in the company closed 0.1% lower at 424.64p each in London on Wednesday.
By Eric Cunha; [email protected]
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