DWF ‘cautiously optimistic’ following summer cost-cutting measures

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By Thomas Connelly on

Listed giant’s revenue up 14% on previous 12 months

DWF’s London office

The bosses of DWF say they are “cautiously optimistic” about the year ahead as the firm recorded an uptick in revenues in its latest financial results.

The firm posted a 14% uplift in revenue on the previous 12 months to £147 million, according to today’s half-year trading statement. Underlying adjusted profit before tax came in at £13 million, down marginally on the previous year’s £13.8 million, while net debt has been slashed by £6 million to £59 million.

The positive results follow a series of summer cost-cutting measures by the firm, including the shuttering of offices in Brussels and Singapore, as well as the scrapping of its flexible resourcing service ‘DWF Resource’.

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Legal Cheek reported last month that the firm is also replacing its traditional training contract programme in favour of a new super-exam friendly graduate apprenticeship, and will use the government’s training levy to help fund it.

Sir Nigel Knowles, CEO, said: “We have seen a very pleasing recovery in activity levels since the dip caused by COVID-19 in Q4 of FY20. We have prioritised organic growth, acquisition integration and operational efficiency and this focus, combined with our cost reduction measures, has delivered strong profit improvement for the group.”

DWF’s share price currently sits at 85.2p, down from a pre-COVID market high of 143p. It hit a low of 46.2p in July.

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