StockMarketWire.com - Global legal business DWF said it had 'another year of strong financial performance' and expected expected revenue to grow by not less than 15%, driven by its international division.

Its international segment saw the 'strongest' growth in the period with revenue increasing by more than 70%, while connected services saw growth in 2019 in excess of 20%. Insurance and Commercial Services also delivered 'strong' organic growth of in excess of 5%, in line with guidance, the company said.

The company's EBITDA margin was in line with management's expectations leading to 'good' profit growth, in absolute terms, year on year, driven driven from improvement in divisional gross profit margins and in the cost to income ratio, it added.

The company's year-end net debt was in line with management's expectations at £35.1m. This followed management's successful actions in 2019 to improve cash collections. 'The company is therefore delivering good progress toward its medium term guidance of an expected reduction of between 5-10 days in overall lockup,' DWF said.

DWF increased its net partner headcount by 19 on a full-time equivalent basis for the 12 months since 1 May 2018 through its successful lateral partner hiring and promotion programme.

As detailed in its prospectus, the company said it expected to pay a full-year dividend of £3m. Looking ahead, DWF said it had a 'solid start to the new financial year and the company is confident that it will continue to deliver further revenue and EBITDA growth in line with the company's medium term targets.'

'This has been another year of strong financial performance across our business, including good organic growth rates in our insurance and commercial services divisions and double-digit growth in Connected Services and International, providing a firm foundation on which to begin life as a public company,' said Andrew Leaitherland, CEO.

'Our international business in particular has shown extremely strong revenue growth. In this new financial year, we have already built upon our success by delivering on an international expansion opportunity highlighted in our prospectus, through the transaction to acquire the legal services business of K&L Gates Jamka in Poland.'


At 8:13am: [LON:DWF] share price was +1.15p at 119.75p



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