Manchester-headquartered global commercial law firm DWF Law has reported an increase in full-year profit and revenue, despite Covid-19 having a ‘significant’ impact in Q4.
The group reported a 10.9 per cent rise in revenue, from £268.1m to £297.2m for the full-year to April 30.
Pre-tax profit grew 39.6 per cent, from £13m to £18.2m, in the same period.
In a trading update, the firm also reported a “strong recovery” in the first quarter of FY2021, with revenue growing 20 per cent to £84.3m.
However, chief executive Sir Nigel Knowles said, despite record revenue, it was “lower than expected”.
He said the group has taken “decisive action focused on consolidating our existing operations to increase profitability, delivering cost efficiencies and improving lock-up and cash generation”.
He said: “Trading through the majority of FY20 was strong and the group made significant investments to support its growth objectives.
“The sudden and far reaching impact of Covid-19 had a material effect on the final quarter with a resulting impact on profitability.
“Despite this, we delivered a solid performance with overall revenue growth of 10.9 per cent and organic growth of 2 per cent.
“While we achieved record group revenue, with an organic growth rate that compares to other global law firms in FY20, it was lower than expected.”
He added: “Measures to scale-up Managed Services and optimise the International division will position DWF well for FY21 and beyond.
“Having spoken with many of our stakeholders, I am very pleased that our new focus has such strong support and remain positive about DWF’s future prospects.”
