Listing cost DWF £12.6m

The international firm holds the record for a law firm listing on the main market in London

Listing cost DWF £12.6m

DWF spent £12.6m to list on the London Stock Exchange in the first quarter, the firm’s first annual report as a public company revealed.

The cost was high because of the complexity of the transaction, the firm said. This included restructuring, to ensure that the group’s configuration was strong, as well as regulatory work in the jurisdictions that the firm operates, DWF said. The firm also reworked its financial reporting, systems, and controls to a corporate model.

DWF listed in London in March, becoming the first law firm to float on the main board of the exchange. The float is the biggest ever of a law firm on the main board. The one-time spending drove down profit before tax 42% to £12.3m, the annual report revealed.

The annual report also revealed that in the year until 30 April, net revenue grew 15% to £272.4m. Gross profit also increased to £145.5m, up 16% from the previous year.  Group net assets jumped to £41.8m from £5.3m in the previous period.

“We have made significant progress against strategy, taking meaningful strides towards our medium-term targets, and expect our diversified and differentiated business model to continue driving long-term sustainable growth,” said Andrew Leaitherland, DWF chief executive.

The firm said that from 2020, its target dividend payout will be up to 70% of profit after tax. DWF reported that it has 2,715 employees, an increase from 2,656 in the previous year.

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