updated on 21 September 2020
International law firm DWF has reported that the impact of coronavirus was balanced out by the firm’s strong trading in the first three months of the new financial year.
According to the firm’s reported figures, revenue rose 20.3% year on year in the first quarter, from £70.1 million to £84.3 million. Despite the jump in revenue, the firm had expected more growth.
The firm’s profit before tax also increased, jumping more than 200% in the first three months to £7.4 million.
DWF’s finance chief Chris Stefani said: “We always see a large proportion of our profit recognised in the last quarter of our financial year so covid hit at the worst moment, which dented what would have otherwise been a much stronger performance.”
Sir Nigel Knowles, the firm’s chief executive, said: “The strength and resilience of the Group and our differentiated model has been evident in the first three months of the 2021 financial year.
“We have seen strong activity levels generating positive momentum across the business resulting in revenue and Ebitda being materially ahead of the prior year.
“Trading through the majority of FY20 was strong and the Group made significant investments to support its growth objectives. The sudden and far reaching impact of covid-19 had a material effect on the final quarter with a resulting impact on profitability.”
Meanwhile, Irwin Mitchell has also reported a growth in turnover and profits over the past financial year. Despite the firm’s last financial year, which ended on 31 April 2020, including the first full-month of the coronavirus lockdown there was a jump in turnover from £263 million to £269 million. On top of this, the firm’s per-tax profit increased from £21.4 million to £23.7 million.