Knights Group Acquires Law Firm In Exeter Amid Improved Activity

(Alliance News) - Knights Group Holdings PLC on Tuesday said it has acquired Exeter-based ...

Alliance News 24 November, 2020 | 10:59AM
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(Alliance News) - Knights Group Holdings PLC on Tuesday said it has acquired Exeter-based independent commercial law firm OTB Eveling LLP, while also reporting a robust half-year performance.

Founded in 2012, OTB Eveling was purchased by the legal and professional services company for a total of GBP2.1 million. This is comprised of an initial consideration of GBP1.4 million, made up of GBP700,000 in cash and GBP700,000 in approximately 164,000 ordinary shares in Knights Group, as well as a deferred cash consideration of GBP700,000 to be paid over two years following completion.

Revenue for Knights Group in the six months ended October 31 grew by 44% to GBP46 million from GBP32 million the year prior. Underlying adjusted pretax profit in the period increased by 13% to approximately GBP6 million from GBP5.3 million, it said.

Knights Group said trading continue to steadily recover through September and October to near pre-Covid levels.

Chief Executive David Beech said: "We have seen a strong recovery in activity levels since the sudden impact of Covid-19 at the end of our last financial year. Our business is both well positioned and resilient, which gives us confidence in our ability to navigate the current economic turbulence."

Looking ahead, Knights Group said "the robust first half year performance and current trading levels" give it confidence that the company is trading in line with market expectations for the full financial year.

Shares in Knights Group were up 2.6% at 436.00 pence in London on Tuesday.

By Zoe Wickens; zoewickens@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Knights Group Holdings PLC 124.00 GBX -0.80 -

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