Worldwide legal business looks to 'positive future' with latest half-year figures

Global legal firm DWF has issued its half-year results to October 31, 2019.

The group has supposedly delivered on its stated strategy and the board is ‘pleased’ with first half revenue growth of not less than 10 per cent across the group, the vast majority driven by organic activity.

International and connected services are said to continue to deliver the strongest revenue growth in the period with increases of approximately 29 per cent and 18 per cent respectively.

Insurance and commercial services delivered combined organic growth of around five per cent, in line with guidance.

Net debt of £49.5m reflects a £9.5m reduction on the same period in 2018 in line with management expectations for the half-year.

DWF has also increased net partner headcount by 20 on a full-time equivalent basis in the period through its partner hiring and promotion programme.

DWF’s CEO, Andrew Leaitherland, commented on the results, saying: “The first half of the year has seen a number of important milestones achieved as we continue to deliver on our IPO promises, developing the business in our first year as a listed entity.

“We have launched in Poland, made significant investment in partner hires globally, expanded our German operation with a presence in Dusseldorf, and seen a robust UK performance, particularly in Insurance and Litigation, despite the political uncertainty.

“We continue to be recognised for our innovative approach, as highlighted by the FT Innovative Lawyer Awards, and remain focused on delivering our strategy and purpose of transforming legal services through our people, for our clients.”

The firm is set to reveal its interim results on December 11, 2019.