We are pleased to announce our audited results for the year ended 30 April 2025 (“FY25” or the “Period”).
Key financial highlights
- Diversified business model delivered revenue growth of 4.1%.
- Organic revenue growth in legal services of 3.9%.
- Overall activity levels increased during the year to 87% (FY24: 83%) despite a challenging professional services market, alongside the General Election and subsequent uncertainty ahead of the Autumn Budget.
- Underlying operating profit margin maintained at 11.7% (FY24: 11.7%), reflecting good control of salary and other costs whilst continuing to prioritise organic and acquisitive investment.
- Net assets decreased by £12.8m to £67.5m (FY24: £80.3m), including net debt of £(6.6)m (FY24: net cash £3.8m).
- Proposed final dividend of 6.2p (FY24: 6.2p), taking total dividends for the year to 9.5p per share (FY24: 9.5p).
| Headline and underlying | FY25 | FY24 | Change |
|---|---|---|---|
| Group revenue | £179.5m | £172.5m | 4.1% |
| Group underlying operating profit1 | £20.9m | £20.3m | 3.3% |
| Group underlying profit before tax1 | £23.3m | £23.0m | 1.2% |
| Underlying adjusted fully diluted EPS2 | 13.31p | 14.20p | (6.3)% |
| Dividend per share | 9.5p | 9.5p | -% |
| Net assets | £67.5m | £80.3m | £(12.8)m |
| Net (debt)/ cash3 | £(6.6)m | £3.8m | £(10.4)m |
| Reported | FY25 | FY24 | Change |
|---|---|---|---|
| Group profit before tax | £6.4m | £14.0m | (54.4)% |
| Group profit after tax | £1.4m | £10.1m | (86.5)% |
| Basic earnings per share (‘BEPS’) | 1.02p | 7.74p | (86.8)% |
1 Underlying operating profit and underlying profit before tax excludes remuneration for post-combination services, gain on bargain purchase, share-based payment charges, acquisition related amortisation and exceptional items
2 Adjusted fully diluted EPS excludes remuneration for post-combination services, gain on bargain purchase, share-based payment charges, acquisition related amortisation and exceptional items. It also adjusts for the future weighted average number of expected unissued shares from granted but unexercised share options in issue based on a share price at the end of the financial year
3 Net (debt)/ cash excludes IFRS 16 lease liabilities
Operational highlights
- Continued strategic hiring with 15 new Partners or Partner equivalents joining during the year. More broadly, we were delighted to make 73 fee earner promotions throughout the Group, of which 16 individuals were promoted to Partner or Partner equivalent.
- Increase in fee earner productivity as revenue growth was delivered whilst average fee earner headcount remained in line with the prior year (FY25:1,066 vs 1,068 in FY24).
- Prior year acquisition of Richard Julian and Associates Limited (“RJA”) has been integrated and is performing well ahead of initial expectations.
- Continued focus on alignment of stakeholders including through 65% of staff either owning shares or currently participating in the Group’s Restricted Share Awards Plan and Save As You Earn scheme.
- 25 sector awards won through the year, across both legal and consultancy services; a demonstration of the successful growth of our diverse professional services model.
- Achieved all 15 responsible business objectives set out in our 2023/24 Responsible Business Report and launching 15 new objectives in our fourth annual Responsible Business Report due to be published on 6 August 2025.
Current trading and outlook
- Trading in FY26 is in-line with market expectations4, reflecting good activity levels as we entered the new year, the resilience across all four Platforms and the increasing visibility of our historic growth investments coming through. This gives us confidence as we move through FY26, however, the Board is conscious that macro indicators continue to point to ongoing volatile market conditions, at least in the near term, which we will monitor and adjust for as appropriate.
- We continue to look through potential macro volatility in how we choose to allocate capital for sustainable, long-term profitable growth, encouraged by the patient investment made by us in specialist services which returned well for us in FY25 and are carrying good momentum into FY26. In parallel, the Board’s operational focus is on enhancing existing revenue and realising operational efficiencies which will further contribute to our ambition to deliver operating margins to at least 13.5%, over the near term.
4 The Board understands that market consensus expectations for FY26, based on the three analysts that have published research since 3rd June 2025, are for revenue of £187.2m and underlying profit before tax of £23.6m.