finance

DWF snaps up another firm as it pays out its first dividend



REVENUES at law firm DWF grew by 10% during the company’s first six months on the stock market as it continued its overseas push.

The company, which became the first main market premium-listed legal business on the London Stock Exchange in March, grew turnover from £133.4 million to £146.8 million.

Its profit margin dipped by 1.1 basis points to 50.2% in the six months to 31 October following investment in its international operations, including an acquisition in Poland and the expansion of its German presence with the opening of an office in Dusseldorf.

DWF is continuing its overseas growth by today announcing the takeover of Spanish law firm Rousaud Costas Duran, which was previously its exclusive associate.

The company declared its maiden interim dividend of 1.25p and anticipates paying a second interim dividend in February, before reverting to twice-yearly payments to shareholders.

Andrew Leaitherland, DWF’s chief executive, said: “We are pleased with our first set of interim results as a publicly listed company.

“Growth in international and connected services was underpinned by a solid performance in the UK business, with insurance services delivering double-digit organic growth and commercial services showing resilience in a tough market.”

DWF entered the Scottish market in 2012 with its takeover of Biggart Baillie, rebranding the firm’s Glasgow and Edinburgh offices two years later.

ENDS



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