Knights has published financial results for the six months 31 October 2025, showing a strong performance in the first half of the year. 

The key financial highlights include: 

  • Underlying Revenue increased by 30% to £103.2m (H1 FY25: £79.4m), with a return to organic growth of c.3%.
  • Underlying profit before tax up 12.5% to £16.4m (H1 FY25: £14.6m).
  • Underlying profit before tax margin at 16% (H1 FY25: 18%), as expected following anticipated higher payroll taxes (national insurance contributions), the impact of interest rate movements and planned investment in technology and AI.
  • Reported profit before tax of £2.4m (H1 FY25: £9.0m) due to an increase primarily in acquisition-related non-underlying costs.
  • Basic underlying earnings per share increased by 11% to 14.09p per share (H1 FY25: 12.71p).
  • Debtor days of 32 (H1 FY25: 33) and lock-up of 95 days (H1 FY25: 98), reflecting continued working capital discipline and success in reducing typically higher lock up4 in acquired businesses.
  • Cash conversion was particularly strong at 122%.
  • Net debt at £75.2m (H1 FY25: £50.1m, FY25: £64.8m) after c.£15m cash paid in relation to acquisitions and capex of c.£3.7m.
  • Interim dividend of 1.94p per share (H1 FY25: 1.76p), an increase of 10%

Those financial highlights were underpinned by a period of strategic and operational growth for the business, with 46 experienced professionals joining or agreeing to do so in the period, plus the establishment of new locations across the south of England and in Cardiff. 

Alongside this, Knights continued to improve infrastructure with upgrades to several offices and targeted investent in technology to drive differentiation and improve client service. 

The business will take this momentum into a strong second half of the financial year to deliver a full-year performance in line with market expectations.

CEO David Beech said:

“The first half has been a period of significant progress for Knights, as we firmly returned the Group to organic growth, while continuing to scale the platform we have developed over many years.

"We are attracting top talent, with ambitious, high-calibre lawyers recognising and choosing our corporate structure, collaborative culture and the opportunity we provide to develop within a firm of both national scale and local reach. We have also significantly expanded our presence in the South East, and Wales, while effectively integrating prior period acquisitions including our largest to date.

"Looking further ahead, the combination of our strengthened platform and operational management structure, ongoing disciplined financial management, approach to harnessing technology, and the growing awareness of our national brand, positions Knights well to continue driving sustainable, profitable growth beyond the current financial year."