London legal business reduces overseas operations to "optimise" services
A London legal business has today announced that it will be closing two of its overseas offices despite a revenue growth of 21 per cent for the past year.
DWF reported that it saw total revenue growth of 21 per cent for the first two months of the year following acquisitions in Spain and Mindcrest, but is still cautious about the future.
It will be closing its offices in Brussels and Singapore, and reducing its presence in Dubai and Cologne as part of a review of “underperforming business units”.
However, it also said that it will “scale up” its managed services.
Nigel Knowles, group CEO, commented: “Despite the headwinds facing the global economy, I am pleased with the positive momentum that DWF has generated during the first two months of the year, with revenue and EBITDA ahead of prior year, and activity levels increasing.
“We have taken decisive action focused on consolidating our existing operations to increase profitability, deliver cost efficiencies and improve lock-up and cash generation.
“Measures to scale-up Managed Services and optimise the International division will position DWF well for FY21 and beyond.
“Having had the opportunity to talk personally with many stakeholders, including both internal and external shareholders, I am very pleased that our new direction has such strong support.”
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