Knights Group Holdings PLC AGM Statement

RNS Number : 3053F

Knights Group Holdings PLC

24 September 2024

 

Knights Group Holdings plc

("Knights", the "Company" or the "Group")

 

Annual General Meeting

Knights today holds its Annual General Meeting at 10:30am on 24 September 2024 at Riverside Court, Wilmslow, Cheshire, SK9 1DL.

At the AGM, the Group's Chairman, Dave Wilson, will make the following remarks:

"Knights delivered a good financial performance for the last financial year with underlying PBT¹ growth of 17% against a challenging market backdrop. This performance reflected the strength of our diversified service offering, and continued execution against our strategy, and built on our strong track record of profitable growth."

"Our unique culture continues to be a differentiator for us in the UK legal market and a key driver of our momentum in attracting new talent, through both recruitment and acquisition. This underpins the Board's confidence in the current year."

Further details can be found on Knights' website: https://www.knightsplc.com/investors

Footnotes

¹          Underlying PBT is before amortisation of acquired intangibles, non-underlying operating expenses, and non-underlying finance costs. Non-underlying operating expenses include transaction and onerous lease expenses in relation to acquisitions, contingent acquisition payments, disposal of acquired assets, along with one-off restructuring staff and professional expenses, mainly incurred on acquisitions, through streamlining support functions or strategic reorganisations.

Contingent acquisition payments are treated as a non-underlying expense as this represents payments for acquisitions which are dependent on the continued employment of certain individuals in the business for an agreed contractual period after an acquisition of one to three years to preserve the acquired goodwill and customer relationships. Accounting standards require such arrangements to be treated as remuneration in the Statement of Comprehensive Income. However, the individuals also receive market rate salaries, therefore, if not separately identified, these payments would significantly distort the reported results. 

 

Ends

Knights
David Beech, CEO	Via MHP Group
Deutshe Numis (Nomad and Broker)
Stuart Skinner, Kevin Cruickshank	020 7260 1000
MHP Group (Media enquiries)
Katie Hunt, Eleni Menikou, Rob Collett-Creedy	020 3128 8100 / 07884 494112 [e-mail]

 

Notes to Editors

Knights is a fast-growing legal and professional services business, ranked within the UK's top 50 largest law firms by revenue. Knights was one of the first law firms in the UK to move from the traditional partnership model to a corporate structure in 2012 and has since grown rapidly. Knights has specialists in all key areas of Corporate and Commercial law and Private Wealth services. It is focussed on key UK markets outside London and currently operates from 26 offices located in Birmingham, Brighton, Bristol, Carlisle, Cheltenham, Chester, Exeter, Kidderminster, Kings Hill, Leeds, Leicester, Lincoln, Manchester, Newbury, Newcastle, Nottingham, Oxford, Portsmouth, Sheffield, Solihull, Stoke, Teesside, Weybridge, Wilmslow, Worcester and York.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 

END

 

 

AGMQKNBQPBKDPCB