Legal firm DWF, which has office in Leeds, delivers strong performance in challenging times

DWF, which is a global provider of legal and business services, has announced its half-year results for the period ended October 31 2022.

The board said it was pleased with the group’s performance, “particularly given the macro-economic headwinds affecting the majority of sectors”.

DWF, which has an office in Leeds, recorded net revenue growth of 3.4 per cent to £179.1m over the half year. It also acquired Acumension to support growth in its connected services costs business, and secured a deal involving Whitelaw Twining in Canada.

DWF said: “This transaction bolsters the group's position in North America and in the global insurance market with significant client overlap and anticipated revenue and cost synergies.”

Sir Nigel Knowles, the group chief executive officer, commented: "We are pleased with our strong first half performance, achieved against a challenging macro- economic backdrop. Net revenue is up by 3.4 per cent and adjusted profit is in-line with a stellar prior year.

“We have won some significant mandates and retenders reflecting our deepening relationships with key clients and we have extended our capabilities, both through strategic M&A (mergers and acquisitions), including our recent transaction with Whitelaw Twining in Canada, and new partner recruitment.

"This performance is thanks to the steps we have taken over the last two years to make our business more sustainable and future focused. We have defined a clear strategy built around integrated legal and business services and enhanced our core strengths, such as our expertise in insurance.

"We are taking proactive steps to maximise efficiency in this economic environment. We are well underway with an efficiency programme, through which we aim to remove £10m to £12m of costs by the end of FY24. This will enhance our efficiency as a business and support our strategy of pursuing profitable growth.

"In line with our purpose, this will enable us to continue to deliver positive outcomes with our colleagues, clients and the communities in which we operate.

“As we look ahead, we see the benefits of having both a global footprint and an established but diversified set of services through which we can provide solutions to our clients.

Sir Nigel added: "Given the clear counter cyclical qualities of many of our services, such as our litigation and regulatory offerings, and the short to medium term benefit we will see through our efficiency programme, we maintain confidence in the outlook for the second half and beyond."

Commenting on the economic outlook, DWF said: “As we look ahead, we see the benefits of having both a global footprint and an established but diversified set of services through which we can provide solutions to our clients. Given the clear counter cyclical qualities of many of our services, such as our litigation and regulatory offerings, and the short to medium term benefit we will see through our efficiency programme, we maintain confidence in the outlook for the second half and beyond.”