Return to half-year pre-tax profit for commercial law firm DWF

Manchester-headquartered commercial law firm DWF has returned to making a half-year pre-tax profit, new figures have revealed.

The listed company has reported a profit of £11m for the six months to the end of October 2021, up from a loss of £11m during the same period in 2020.

The firm’s revenue also increased from £196m to £203.5m.

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DWF recently announced the launch of a regional headquarters for business services in the Kingdom of Saudi Arabia as well as an exclusive association with local law firm Al-Ohaly & Partners.

Earlier this year it expanded its global reach after signing exclusive deals with counterparts in Singapore and South Africa.

Chief executive Sir Nigel Knowles said: “We are delighted with our performance for the first half of FY22.

“We have continued to see strong revenue growth on a like-for-like basis, after the decisive action taken in the prior year to exit or slim down a number of businesses.

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“We have seen an improvement in our gross margin and a reduction in our overheads relative to revenue.

“This has led to a compelling step-change in profitability with our adjusted pre-tax profit increasing by 40%.

“Our client proposition of providing integrated legal and business services is gaining traction and leading to a strong pipeline of instructions.

“I am also pleased that today we have announced our group ESG strategy, which aligns with our purpose to deliver positive outcomes with our colleagues, clients and communities.

“The strategy includes new and stretched targets focused on climate action and further improving our diversity and inclusion performance.

“We want to build on our established programmes to become the market leader in ESG and we believe that the strategy announced today creates a firm foundation to help us achieve our targets.”

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