Knights’ ‘robust’ trading as it prepares for Majestic move
THE LAW firm Knights delivered ‘robust’ trading as it prepared to join Channel 4 in Leeds’s Majestic building.
Knights has announced its half-year results for the six months ended October 31, 2020.
Last year, Knights acquired Leeds-based independent corporate law firm Shulmans.
Its Leeds office will be joining Channel 4 in the six-storey Majestic building, which was formerly both a cinema and a nightclub. Prior to that, it entered the market in York with an office opening.
The company said that trading recovered through the first half, reaching near pre-Covid levels in October, providing sufficient confidence to resume full salaries for staff from November 1.
Revenue increased by 45 per cent to £46.2m, with the benefit of the contribution of £19.1m from acquisitions. Underlying PBT (profit before tax) rose by 13 per cent to £6m.
David Beech, CEO of Knights, commented: “We have delivered a robust first half performance of profitable, cash generative growth across an enlarged group, despite the macro economic environment.
“The health and wellbeing of our people continues to be the group’s priority and this performance is credit to our teams’ continued provision of excellent service to our clients, remotely.
“Activity levels have improved further since period end, providing confidence that we will return to double-digit organic growth for the second half.
“We continue to execute on our strategy of driving organic growth, supplemented by targeted acquisitions that build scale and provide entry into attractive regional markets. Our well invested business and strong culture is attracting senior fee earners, many of whom are joining from Top 50 law firms.
“Our prior investments have enabled us to successfully onboard new colleagues, win exciting new clients and rapidly integrate four acquisitions during a period of working remotely.
“Having broadened Knights’ geographic reach, our competitive position as a market leader in the regions has continued to strengthen through the period, and we anticipate that Covid-19 will accentuate the recruitment and acquisition opportunities for our resilient business in the highly fragmented market for legal services outside London.
“We remain confident in our strategy and the prospects for the group.”