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Knights swings to loss in H1 as restructuring costs offset 45% jump in revenue
StockMarketWire.com
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Legal services business Knights swung to a first-half loss as restructuring costs offset a 45% rise in revenue.
For the six months ended 31 October 2020, the company reported a pre-tax loss of £1.1 million, compared with a profit of £2.8 million year-on-year, while revenue increased by 45% to £46.2 million.
The loss was due to the a 'significant level of non-underlying costs in the period, including £4.1m relating to the recognition of contingent consideration and amortisation of goodwill on acquisitions and £2.7m relating to restructuring costs,' the company said.
Underlying pre-tax profit rose by 13% to £6.0 million.
Current trading was in line with market expectations for the full year, though the company said it remained 'vigilent' of macro uncertainty.
'Management expects recruitment momentum to continue in the second half, with a strong pipeline of new recruits and 12 further senior fee earners already expected to join in H2,' it added.
At 9:06am: (LON:KGH) Knights Group Holdings PLC share price was 0p at 413p
Story provided by StockMarketWire.com
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