Listed firm Knights has exceeded its already bullish forecasts by reporting double-figure growth in profit and turnover. In the year to 30 April, the fast-expanding national firm reported underlying pre-tax profit up 19% to £33.2 million on turnover up 28% to £207.7m.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 20% to £51.5m. Net debt rose by just 0.9% to £65.4m despite £17m of acquisition-related payments. The firm declared a dividend of 3.69p, up 17% up on last year.
The results are ahead of forecasts made earlier this year following acquisitions including Birkett Long, Rix & Kay and real estate boutique Le Gros Solicitors.
Announcing the full-year results, the firm said it looked forward to 'continued organic growth, complemented by value-enhancing acquisitions'. David Beech, chief executive, continued cash discipline has helped cut work in progress and debtor days, enabling investment without a material increase in debt. 'Our continued investment in the business has strengthened our ability to take advantage of opportunities in our growing and structurally changing regional segment of the UK legal sector.'
Shares in Knights Group Holdings rose 3.4% to 194.4p.
No comments yet