Profits buoyant at Gordon Dadds after flotation

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Nov 29, 2017
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Gordon Dadds has met its expectations since floating on the London stock exchange

Toby Melville/Reuters

Profits at one of the three legal businesses listed on the London stock exchange rose by 44 per cent in the last six months, it has revealed.

Gordon Dadds, which floated last July, reported that revenue over the period increased by 14.5 per cent to nearly £12.9 million. Adjusted profit before tax – the figure registered after the deduction of partners’ profit shares – rose by 103 per cent to £580,000.

Announcing the results, Adrian Biles, Gordon Dadds’ chief executive, said the business had “traded to our expectations through a period when sectors of the market have been hesitant given political and Brexit uncertainty”.

The release of the Gordon Dadds figures more or less coincided with the formal listing of the third legal practice on the London stock exchange, Keystone Law. Its market launch share price was 160p and the company had a market capitalisation of £50 million after “a significantly oversubscribed £15 million fundraising”.

Keystone said that £10 million had been raised for the company, of which £9.4 million came by way of the placing and £600,000 through the issue of the subscription shares. Another £5 million was raised for the selling shareholders.

See Law firms take the plunge with stock market flotation

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