Sir Nigel Knowles

Earnings before taxes at the firm decreased by 21.6 per cent while profits before tax fell by 32.4 per cent.

Sir Nigel Knowles, DWF’s chief executive officer, said: “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.

“Despite this, we delivered a solid performance with overall revenue growth of 10.9 per cent and organic growth of 2.0 per cent. While we achieved record group revenue, with an organic growth rate that compares to other global law firms in FY20, it was lower than expected.

“The strength and resilience of the group and our differentiated model has been evident in the first three months of FY21. We have seen strong activity levels generating positive momentum across the business resulting in revenue and EBITDA being materially ahead of the prior year.”

He added: “We have also taken decisive action focused on consolidating our existing operations to increase profitability, delivering cost efficiencies and improving 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 spoken with many of our stakeholders, I am very pleased that our new focus has such strong support and remain positive about DWF’s future prospects.”