Legal business DWF has 'resilient' revenues despite inflationary pressures
DWF said it had achieved another performance in line with market expectations in the year ended 30 April 2022 which reflected significant progress towards medium term targets.
DWF said the first two months of trading for the new financial year have been strong, showing continued momentum in line with the fourth quarter of the previous year.
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Hide AdSir Nigel Knowles, Chief Executive Officer, commented: "We are delighted with the progress we have made this year.
"We have achieved a record set of results with net revenue growth taking us to £350m in scale, adjusted profit before tax up by 21% to £41m and lock-up days continuing to fall, down to 179.
"These results have been made possible through the continued transformation of our business, not least the successful implementation of our new global operating model which was introduced on 1 May last year. As anticipated, this has resulted in the greater integration and alignment of our colleagues and services, for the benefit of our clients.
"It has also supported our integrated legal management approach, our key differentiator which is helping us to gain share of wallet against both traditional and new competitors.
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Hide Ad"Despite the prospect of challenging macro-economic conditions, we remain confident in our medium-term guidance. This confidence is supported by the defensive nature of the group's revenue being weighted towards litigation and the recurring revenue base in insurance, which has always protected the group both from artificial peaks in growth and hedges against a slowdown in transactional activity.
"Similarly, we are confident that our balanced approach of competitive reward, including our unique ability to offer share awards, combined with a more progressive working environment will position us favourably in the 'war for talent'.
Commenting on outlook, DWF said: "Whilst the board is mindful of inflationary pressures and the wider economic backdrop, DWF has resilient revenues, a countercyclical litigation focus, and recurring revenues in insurance providing a natural hedge against economic headwinds. We remain well placed to continue delivering on our growth strategy and confident in our medium-term guidance."