Irwin Mitchell has broken through the £300m mark for the first time, with revenues rising 10% on the back of a series of acquisitions and expansion.
For the year ending 30 April, the firm posted record revenues of £304.3m, up on last year’s £276m. Group profit before tax also rose significantly, reaching £21.7m, up 45% from £15m last year.
Craig Marshall, group chief executive (pictured), commented on the results, stating: ‘Despite a year of significant change, we have demonstrated remarkable resilience and delivered a strong performance.’
The UK firm has made several strategic investments over the past year, including the opening of a new office in Brighton, the acquisition of Silk Family Law in Northeast England, and an investment in Wright Johnston & Mackenzie in Scotland. These acquisitions contributed £4.1m to the group’s revenue in the second half of the financial year.
The firm has also expanded its workforce with hires such as the addition of a regulatory team from the now-defunct Ince & Co, led by new national head of regulatory Philip Somarakis and criminal and regulatory specialist Colette Kelly.
Irwin Mitchell is also progressing towards its Net Zero commitment by 2040, with plans to use 100% renewable electricity across all offices by 2025 and to halve its total organisational carbon impact by 2030.
Marshall, who was appointed as group chief executive officer last September following the passing of former CEO Andrew Tucker, expressed optimism about the firm’s prospects for the next financial year, stating: ‘We’ve refreshed our strategy following an annual review and will be seeking to build on our strengths with a market-leading position in complex personal injury; growing our share of the markets for private client legal services, financial planning and investment management via IM Asset Management and will continue to build close, supportive relationships with our business clients so that we are the firm of choice for mid-market corporates.’
‘We have a strong balance sheet and head into the new year with positive momentum as we focus on becoming a more agile and dynamic business for the future delivering sustainable and profitable growth,’ he concluded.
Meanwhile, DWF has also reported double-digit growth for the year, with a 14% increase in revenue, rising from £380m to £435m.
CEO Sir Nigel Knowles commented: ‘We have achieved continued profitable growth despite macroeconomic uncertainty, which is testament to the exceptional service our colleagues provide and the trust placed in them by our clients.’
The firm’s insurance services division led the growth with a 24% increase, supported by the successful integration of litigation firm Whitelaw Twining in Canada. Legal operations and commercial services each saw 8% organic growth, despite a challenging transactional market.
The firm secured more than 30 legal panel appointments or reappointments this year, including roles for prominent clients such as BT and Tesco.
The results come after the firm last year delisted from the London Stock Exchange in a buyout by private equity firm Inflexion.
Knowles stated: ‘This past financial year was marked by the completion of our take-private transaction with Inflexion. At the time, we said that Inflexion’s investment would help us to go faster in the pursuit of our strategic goals, and we are already seeing that come true.’
DWF has announced its first M&A transaction since the Inflexion investment, with plans to acquire Australian claims management business, Proclaim.
Looking ahead, Knowles concluded: ‘I am encouraged by the start the group has made to the new financial year, and we anticipate further expansion-driven corporate activity in 2024.’
