Pre-tax profits at law firm Knights have increased by almost 70 per cent, according to latest results.
The Newcastle-under-Lyme-headquartered company has announced its half year results for the six months to 31 October 2023 describing them as a “good performance”.
Pre-tax profits for the period rose to £6.9 million, from £4.1 million the prior year.
Revenue grew six per cent from £71.2 million to £75.3 million, which is in line with Board expectations.
The company, which has expanded its presence in the North with acquisitions in Newcastle upon Tyne and Carlisle, has said such acquisitions are providing a platform for organic growth.
Twenty senior staff have been recruited during the half year, in comparison to nine in the same period last year.
Knights CEO David Beech said: “Knights has delivered a good performance in the period, reflecting our sharp focus on driving profitability and organic growth and the resilience provided by our diversified services, capabilities, and client base.
“We are delighted with the strong momentum in recruitment and retention in the half, which is testament to the attractiveness of our scale, reputation and model, the efforts of our client service directors, and enhancements we have made to our employee proposition, benefits and engagement. Together with improved retention across the business, this influx of high-calibre talent will underpin organic growth in the future.
“We continue to expand our relationships with larger clients who increasingly recognise the benefits of Knights’ premium, diversified offering and collaborative, corporatised model.
“Whilst mindful of macroeconomic conditions, trading in the second half is in line with the Board’s expectations and we continue to focus on driving organic growth and efficiency, providing a strong platform for future acquisitions.”
Knights has 23 office locations across the country.