Listed law firm Knights revises up earnings forecasts
Knights expects revenue for its full 2021 financial year to be ahead of market expectations, after a year of growth at the firm.
In a market update today, the listed law firm said it anticipates revenue for the full year to be in excess of the £100.8m market consensus, representing a minimum increase of 36 per cent on the last financial year.
Underlying profit before tax is expected to be moderately ahead of market expectations of £18m, representing a minimum 32 per cent increase on Knight’s 2020 financial year.
CEO David Beech said: “Having emerged in a stronger position from the initial stages of the pandemic, we saw good and growing momentum in the second half of the year.
“As well as adding a number of fee earners through acquisition, the critical mass the group has now achieved means that its increased credibility, as a leading legal and professional services business outside London, is attracting both high calibre talent and an increasing number of opportunities with new and existing clients.
“With a well-invested platform and confidence in the Group’s strategy, we look forward to making good progress in the new financial year as we continue to execute on the acquisitive and organic opportunities we see ahead.”
Knights employs around 900 lawyers. It moved away from the partnership model in 2012 and became a listed company just two and a half years ago.
The law firm’s full results will be announced on 14 July.