Law firm DWF reports strong year with revenue over £400m
DWF Group, the international legal firm, has reported a rise in its revenues to £400m, in its full year results released today.
Revenue rose to £401m for the year ended 30 April 2021, representing a 12 per cent increase from £357m in the previous year.
Net revenue also grew by 14 per cent to £338.1m. DWF’s international division saw the greatest surge at 33 per cent including £33.5m net revenue from the Group’s acquisition of Spanish legal firm Rousaud Costas Duran (RCD).
The global law firm also experienced organic growth in its connected services department, at a rate of 22 per cent.
The strong financial results will be good news for shareholders of the London-listed firm after an “extraordinary” year of challenges posed by the pandemic.
Trading performance throughout the last year, the Group said, “has been resilient, with minimal impact from ongoing COVID-19 restrictions.”
Sir Nigel Knowles, chief executive officer of DWF, said: “The results 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.”
The CEO, who took up the role in May 2020 after three years as chair, was “delighted” with the results and, he said: “I am especially pleased to see revenue and gross profit margin growth in every division of the Group.”
One of the strategies the Group highlighted in its annual report was the new three division operating model which it brought into place in May.
Knowles said the move was an important streamlining step for the firm’s long term vision to become a global leading law firm. It was also, he said, “a cornerstone of the three-year business plan we have developed since my appointment.”
Looking ahead as pandemic restrictions ease DWF said it expects “a favourable trading environment for FY22.”
The group also announced that it will be sharing a global ESG strategy with its shareholders in autumn, following the appointment of Kirsty Rogers as DWF’s first head of ESG.