Gordon Dadds announced strong revenue and profit growth today in its first results since going public last year. In its results for the year ended 31 March 2018 the law firm grew revenue by 25.3 per cent to £31.24m and operating profit by 19.1 per cent to £8.8m.
The law firm, which aims to improve profitability by acquiring smaller law firms and integrating them onto its platform, made five acquisitions in the course of the year with aggregated revenues of £14m.
“The acquisitions we have made have proved our concept. We said we knew how to do them and integrate them and the results demonstrate that we do know how to take them on,” Biles said.
The law firm has a pipeline of further potential acquisitions both in the United Kingdom and overseas, Biles said.
Biles said the law firm was also on the look out for a “transformative” merger to help grow revenue significantly.
“Its quite possible we will be able to do a transformative deal at some point in the future. It’s a question of circumstances and opportunity really,” he said.
Gordon Dadds float in August 2017 made it just the third United Kingdom law firm to go public – it has since been joined on the public markets by Rosenblatt which listed in May and Knights which floated yesterday raising £50m.
“Its very encouraging that there is investor demand at the level for things like Knights in our sector,” Biles said.
He said he hoped and expected to see more law firms float to increase analyst and investor interest in the sector.
Gordon Dadds Overview
Gordon Dadds is an international commercial law firm, focusing mainly on shipping, insurance, energy, aviation and trade, while offering a full commercial legal service.