StockMarketWire.com - Legal services business Knights said profit rose as an uptick in hiring new lawyers underpinned revenue growth.

For the six months ended 31 October 2019, underlying pre-tax profit rose by 20% to £5.3m on-year as revenue increased 34% to £32.0m.

The legal services company recruited a net 43 fee earners in the first half, compared with 46 fee earners in the full year to 30 April 2019.

Average fees per fee earner fell to £126K from £131K on-year, due to the higher level of new joiners who took some time to achieve the normal run rate on fee generation, the company said.

The company declared an interim dividend of 1.1p up 83%.

'The clear momentum we have in recruiting strong talent, the successful development of prior period acquisitions and the acquisition of two high calibre businesses in the second half of the year, underpins our confidence that the group will meet the Board's expectations for the full year,' said David Beech, chief executive of Knights.


At 8:05am: [LON:KGH] Knights Group Holdings Plc Ord 0.2p share price was +7p at 376p



Story provided by StockMarketWire.com