Date: 31/07/2019
DWF, the global legal business providing Complex, Managed and Connected Services, today issues its full year results for the year ended 30 April 2019.
£m |
FY 2019 |
FY 2018 |
Change |
Net revenue |
272.4 |
236.5 |
+15% |
Gross profit |
145.5 |
125.6 |
+16% |
Gross profit margin (%) |
53.4% |
53.1% |
+30bps |
Adjusted EBITDA |
33.6 |
30.7 |
+9% |
Adjusted PBT |
26.1 |
23.1 |
+13% |
Non-underlying items and share based payments expense |
(13.8) |
(1.9) |
|
Reported PBT |
12.3 |
21.2 |
|
Profit after tax |
12.2 |
21.1 |
|
Adjusted diluted EPS (pence) |
6.8p |
6.2p |
|
Reported diluted EPS (pence) |
4.5p |
7.7p |
|
Net debt |
35.3 |
54.1 |
|
Andrew Leaitherland, Group Chief Executive Officer commented:
"These results mark the end of a milestone year for DWF, in which we became the largest listed full service legal business on the London Stock Exchange. I am pleased to report another strong period of revenue and profit growth for our maiden results post IPO, driven by an uplift across all four divisions, with International and Connected Services the standout performers. The Group delivered 15% growth – 12.5% of which was on an underlying organic basis – emphasising the strength of our unique business model.
We have made significant progress against strategy, taking meaningful strides towards our medium-term targets, and expect our diversified and differentiated business model to continue driving long-term sustainable growth. We are committed to recruiting and retaining leading industry talent which is underpinning our broadened service offering and revenue growth. Following a period of reduced M&A activity due to preparation for the IPO, we are maintaining discipline in identifying value-add acquisitions and associations to add scale, build on our sector expertise and develop our international presence.”
[1] Underlying organic revenue growth eliminates the impacts of acquisitions
[2] Adjusted EBITDA is defined in note 2
[3] Adjusted PBT is defined in note 2
[4] Adjusted diluted EPS is defined in note 8
[5] Debtor days, WIP days, Gross lock-up days and net debt are defined in note 22
[6] Cost to income ratio is defined as administrative expenses (less non-underlying items, share based payments expense and adjusted for changes made in the adoption of IFRS 15 Revenue Recognition and IFRS 9 Financial Instruments) divided by net revenue
For further information:
DWF Group plc
James Igoe, Head of Comms +44(0)20 7280 8929
Finsbury
Charles O'Brien +44(0)20 7251 3801
About the Company
DWF is a global legal business providing complex, managed and connected services, operating from 27 key locations with approximately 3,200 people. The Company became the first Main Market Premium Listed legal business on the London Stock Exchange in March 2019. DWF recorded revenue of £272.4 million in the year ended 30 April 2019. For more information visit: www.dwf.law
Forward looking statements
This announcement contains certain forward-looking statements with respect to the Company's current targets, expectations and projections about future performance, anticipated events or trends and other matters that are not historical facts. These forward-looking statements, which sometimes use words such as "aim", "anticipate", "believe", "intend", "plan" "estimate", "expect" and words of similar meaning, include all matters that are not historical facts and reflect the directors' beliefs and expectations and involve a number of risks, uncertainties and assumptions that could cause actual results and performance to differ materially from any expected future results or performance expressed or implied by the forward-looking statement.