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Trading update for the first quarter ended 31 July 2020

08 September 2020

Strong recovery in FY21 first quarter following COVID-19 impacted FY20

DWF, the global legal business, today announces a trading update for the first quarter of FY21. 


*Source: July 2020 Management Accounts


  •  Strong trading for the first three months of FY21 with revenue of £84.3m reflecting growth of 20% and Underlying adjusted EBITDA of £9.7m reflecting growth of 145% vs. prior year.
  • Organic revenue growth of 5% yoy and total revenue growth of 20% reflecting the contribution from the acquisitions of RCD in Spain and Mindcrest
  • Previously announced cost savings of £15m in FY21 are taking effect and are reflected in the significant uplift in EBITDA versus prior year, with cost to income ratio trending at 38% compared to 45% in the prior year 
  • Disposed, closed or reduced scale of operations in Cologne, Dubai, Singapore and Brussels with further measures taken post year-end to rationalise underperforming units
  • Net debt of £55.2m reflecting a £9.7m reduction on the April 20 position and reflecting free cash flow generation of £18.5m for the first three months of the year
  • Lock up days reduced from 206 at April 2020 to 200 at the end of Q1 reflecting trading conditions returning to normal
  • Significant bid activity and new contract win with multinational insurance company, Aviva
  • Our Net Promoter Score with key clients is very positive at 50, and 47 overall, based on 403 clients providing feedback
  • Strong pipeline of opportunities including Managed Services bid activity supports optimism for the FY21 outturn, subject to overall market conditions
  • In addition to proposing a final dividend for FY20, moving forward the Board remains committed to its stated dividend policy of a payout ratio of up to 70% of Adjusted Profit after Tax. 

    For further information

 DWF Group plc
James Igoe - Head of Communications                  +44 (0)7971 783533
Finsbury (PR advisers to DWF)
Ed Simpkins                                                                +44 (0)20 7251 3801
Charles O'Brien
About DWF
DWF is a global legal business providing Complex, Managed and Connected Services, operating from 31 key locations with more than 4,200 people. The Company became the first Main Market Premium Listed legal business on the London Stock Exchange in March 2019. For more information visit: dwfgroup.com

Forward looking statements
This announcement contains certain forward-looking statements with respect to the Company's current targets, expectations and projections about future performance, anticipated events or trends and other matters that are not historical facts. These forward-looking statements, which sometimes use words such as "aim", "anticipate", "believe", "intend", "plan" "estimate", "expect" and words of similar meaning, include all matters that are not historical facts and reflect the directors' beliefs and expectations and involve a number of risks, uncertainties and assumptions that could cause actual results and performance to differ materially from any expected future results or performance expressed or implied by the forward-looking statement.

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