DWF Group Reports Decline in Pretax Profit in Fiscal 2023

DWF Group, a leading provider of legal and business services, has announced a decrease in pretax profit for fiscal 2023. The decline can be attributed to a rise in administrative costs and the company's decision not to declare a dividend, following the proposed takeover offer by Inflexion.

Financial Performance

In the year ended April 30, DWF Group's pretax profit dropped to £17.2 million ($21.7 million), compared to £23.3 million in fiscal 2022. This decrease was primarily influenced by additional overheads resulting from the acquisitions of Acumension and Whitelaw Twining during the fiscal year.

On a positive note, the adjusted pretax profit, which excludes exceptional and other one-off items, increased to £43.3 million, up from £41.4 million in the previous year.

Furthermore, revenue experienced a growth of 8.6%, reaching £451.6 million.

Impact of Proposed Acquisition

Due to the proposed acquisition of DWF Group by Inflexion, the company has chosen to suspend its dividend payout. However, if the offer is successfully executed, a special dividend of 3 pence will be given.