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DWF swings to first-half loss on higher costs
StockMarketWire.com
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Legal business DWF swung to a first-half loss as higher revenue was offset by a fall in margins and increased administrative expenses.
For the half-year ended 31 October 2020, pre-tax profit losses were £11 million compared with a profit of £8 million year-on-year, while revenue rose 15.4% to £167.6 million.
Gross margin fell 0.8% to 49.6%.
Reported administrative expenses increased from £63.4m in HY20 to £92.1m in HY21
An interim dividend for FY21 of 1.50 pence per share was approved.
Looking ahead, the company said it expected to generated adjusted pre-tax profit in the first half of FY21 close to that achieved for the full year in FY20.
'We expect the uncertain macro environment to continue into 2021, although the positive news in relation to potential vaccines for COVID-19 allows some optimism for a more settled economy as we progress through next year,' it added.
At 10:05am: (LON:DWF) share price was 0p at 83p
Story provided by StockMarketWire.com
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