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Knights Group profits soar as acquisitions boost revenues

By Iain Gilbert

Date: Tuesday 21 May 2019

Knights Group profits soar as acquisitions boost revenues

(Sharecast News) - Legal and professional services business Knights Group performed well in the second half of its financial year, with strong organic growth complemented by contributions from acquisitions.
Knights expects full-year revenues to be not less than £52.4m, a 50.6% year-on-year increase - 15% of which was organic.

The AIM-listed firm now expects pre-tax profits to be "slightly ahead of market expectations" at £9.7m, for a 102% increase on the year ending 30 April 2018.

Knights said its strong organic growth during the year was, in part, driven by its successful recruitment drive in the second half of the year, which left it with a strong pipeline of new recruits expected to join in the coming months.

The group also revealed it had fully integrated Turner Parkinson, Spearing Waite, Cummins Solicitors and BrookStreet des Roches, all of which were acquired over the last twelve months, with the four outfits "performing well", in line with Knights' expectations, and providing strong platforms from which to grow in their respective regions.

Chief executive David Beech said: "We are pleased to announce this strong performance in our first full year as a listed company on AIM. We continue to deliver on our strategy, both organically and through selective acquisitions, resulting in strong, cash generative, profitable growth.

"Our successful recruitment drive and selective acquisitions during the year also provide us with a strengthened platform delivering high-quality services through a results-driven and collaborative culture with more diversified expertise across a broader geographical base. We, therefore, look forward with confidence to the current year and beyond."

As of 0935 BST, Knights shares had marched ahead 6.01% to 300p.

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