DWF posts net profit growth to £25.5m, revenues at £191m

DWF has reported a 23 per cent increase in net profit from £20.8m in 2012/13 to £25.5m in its first full-year financial results following four mergers. 

The firm also increased revenue by 2 per cent from £188.2m to £191m last year, still falling short of its longstanding £200m target.

At the end of 2012/13 DWF posted an 84 per cent increase in turnover from £102m to of £188m and a corresponding 41 per cent rise in net profit (6 June 2013).

Over the last five year’s the firm has grown its revenue by 167 per cent from £71.5m in 2009/10.

The acquisitive firm has added eight partners to the equity through promotion and lateral hires, which has contributed to a 4 per cent decrease in its average profit per equity partner (PEP) from £429,000 in 2012/13 to £411,000 last year.

DWF chief executive officer Andrew Leaitherland said: “We’ve invested £12m in technology to drive major operational efficiencies and support the integration of all of our people. We’ve also invested heavily in attracting and retaining the best talent.”

The bulk of the revenue growth came from the firm’s corporate and banking practices, which were up 18 per cent to £30m.

The real estate practice increased income by 14 per cent to £29m and insurance was up 3 per cent to £89m.

DWF has made 39 lateral partner hires in the last 12 months and added an 11-partner Aviva dedicated team from Greenwoods mid-way through the 2013/14 financial year (11 October 2013).

DWF spent £17m on bolt-ons over the last 18 months, beginning with its pre-pack purchase of Cobbetts in January 2013 (31 January 2013).

A succession of four mergers followed with Biggart Baillie (7 June 2013), Buller Jeffries (2 April 2012), Claimbase and Fishburns (18 January 2013).