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.
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.
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