Knights Group Holdings PLC AGM Trading Update (4853Z)
September 21 2020 - 1:00AM
UK Regulatory
TIDMKGH
RNS Number : 4853Z
Knights Group Holdings PLC
21 September 2020
21 September 2020
Knights Group Holdings plc
("Knights", the "Company" or the "Group")
AGM Trading Update
Knights, one of the UK's fastest growing legal and professional
services businesses, today holds its Annual General Meeting at
11.00am at Knights Plc's offices, The Brampton,
Newcastle-under-Lyme, Staffordshire, ST5 0QW.
At the AGM the Group's Chairman, Bal Johal, will make the
following remarks:
"The last financial year saw Knights deliver another year of
strong cash generative, profitable growth with organic growth
complemented by acquisitions, in line with our strategy to build
the leading legal and professional services business outside
London.
In the current financial year, the Board is pleased to report an
encouraging recovery following the initial disruption from
COVID-19. As previously reported, the Group experienced a circa 20%
decline in new business in the early weeks of the current financial
year. However, the level of instructions has steadily improved
through July / August and into September. The Group is currently
operating at a run rate equivalent to a circa 10% decline in new
business compared to pre-COVID 19 levels and the Board expects this
ongoing improvement to continue over the remainder of the year.
We are particularly pleased to have continued our strong
momentum in recruiting senior level talent from traditional
partnership models, many of which are Top 50 law firms, which we
had previously stated would be our near term focus following the
recent acquisition of a number of high quality firms. The
recruitment of senior fee earners has continued to show strong
momentum with 23 partners having already joined or accepted
positions to join in the current financial year. We are also
pleased to confirm that our recent acquisitions have been
integrated ahead of schedule and are all performing well.
We anticipate that COVID-19 will continue to accentuate both
recruitment and acquisition opportunities for our resilient
business in the highly fragmented market for legal services outside
London .
The Group confirms that it will provide an update on trading for
the half year to 31 October 2020 on 24 November 2020, ahead of
reporting its half year results in January 2021."
Ends
Enquiries
Knights
David Beech, CEO via MHP Communications
Numis (Nominated Adviser and Broker)
Stuart Skinner, Kevin Cruickshank +44 20 7260 1000
MHP Communications (Financial Comm)
Katie Hunt, Andrew Jaques, Rachel Mann +44 20 3128 8794
knights@mhpc.com
Notes to Editors
Knights is a fast-growing, legal and professional services
business, ranked within the UK's top 100 largest law firms by
revenue. Knights was one of the first law firms in the UK to move
from the traditional partnership model to a corporate structure in
2012 and has since grown rapidly. Knights has specialists in all
key areas of corporate and commercial law so that it can offer
end-to-end support to businesses of all sizes and in all sectors.
It is focussed on key UK markets outside London and currently
operates from 13 offices located in Birmingham, Cheltenham,
Chester, Crawley, Leeds, Leicester, Maidstone, Manchester,
Nottingham, Oxford, Stoke, Wilmslow and York.
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END
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