Shares in Knights continue to plummet after law firm says return-to-office was blocked by Omicron
Shares in London listed law firm Knights continued to fall today, after the firm blamed the Omicron variant for a “slowdown in corporate work.”
In a trading update, Knights, which has 17 offices across Britain, said the “persistent effects of Omicron” and high rates of illness amongst its employees meant the firm failed to make a quick return to the office.
The spread of Omicron resulted “in the business not benefitting from a faster return to office working and the consequent advantages of our team-based culture.”
The firm said it had also seen a “softening in business confidence, possibly due to concerns around the strength of the economy, such that there has been a slowdown in corporate work.”
Knights’ statement saw shares in the firm plummet by 45 per cent yesterday. Today, shares in the firm continued to fall by a further 23 per cent.
David Beech, CEO of Knights, said: “Following a good first half, it is frustrating that recent events have held the business back from delivering a stronger performance in the second half.”
“Beyond this near-term uncertainty, the opportunity to cement our leading position in key legal services markets outside London remains substantial and we are as well placed as ever to deliver on that opportunity.”