Transformational year for DWF Group - £30.6m annual loss

The chief executive of DWF has said the legal and business services provider enjoyed a transformational year after reporting revenue and adjusted profit growth. The firm also made a reported pre-tax loss of £30.6m, but said this was largely due to acquisition and closure/scale back related costs.


For the 12 months to 30 April 2021, the firm reported revenue of £400m compared to £356m the prior period.


Adjusted pre-tax profits were also up from £15.2m to £34m, while the reported total saw the company slip from £18.2m in the black to £30.6m in the red.


This was attributed to "significant, largely non-cash, acquisition and closure/scale-back related expenses treated as non-underlying items".


Chief executive Sir Nigel Knowles said: "FY2020/21 was a transformational year for DWF and I am delighted that the tremendous resilience, dedication and excellence of our colleagues has been rewarded with these strong results.


"They reflect a return to pre-Covid-19 activity levels but they also evidence the importance of the decisive actions we took throughout the year as we focused on driving greater operational efficiency, profitability and strategic alignment.


"I am especially pleased to see revenue and gross profit margin growth in every division of the Group.


"We have now implemented our new global operating structure to streamline the group into three global divisions of Legal Advisory, Mindcrest and Connected Services.


"We believe this is an important step forward in our strategy and will help us to fulfil our vision of becoming the leading global provider of integrated legal and business services."


The full announcement is available here - https://otp.tools.investis.com/clients/uk/dwf/rns/regulatory-story.aspx?cid=2466&newsid=1493059


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