Ambitious growth plan
LAW raises turnover target after doubling profits
EBITDA increased by 96% to £727,000 on an uplift in income to £3.36 million. It is aiming for £5m in the current year.
Business was boosted by a hike in employment law revenue due to the rising number of employment tribunal cases, as well as increases in GDPR and health & safety compliance work.
Growth also stems from securing several new high profile clients, including Borders Biscuits and TAQA Global.
In April 2018, LAW completed the acquisition of Empire HR Group, a complementary business based in Aberdeen, with a strong client base across the North of Scotland.
As a result, LAW’s financial results to 31 May 2018 incorporate seven weeks of contribution from the Empire business. The full year results account for professional fees and integration costs associated with the acquisition.
LAW’s integration of Empire HR has enhanced its service capabilities across Scotland, creating the country’s leading consultancy in employment law, HR and health & safety.
The firm also strengthened its reach in England where it is working with an increasing number of clients. The group’s client base now incorporates, oil and gas, retail, education, hospitality, professional services, recruitment and the third sector.
Magnus Swanson, chairman, pictured, said: “We are well-positioned for the year ahead. I’m pleased to say that the 2018/19 financial year has got off to a strong start, as we continue to integrate Empire HR with LAW.
“In the year ahead, the full potential of the combined business will be realised. Since the acquisition, not only have we welcomed new clients, we have also extended the contracts of many of our long-term clients. I expect the group to achieve a £5m turnover figure in the current financial year.”
LAW now has more than 750 retained employer clients across the UK, which range in size from companies with five staff to businesses employing more than 24,000 people. The firm has 67 employees, with plans in place for further recruitment to service growing work levels.
- 35% increase in Group Revenues sees LAW break through £3.3m level
- 96% increase in EBITDA profits to £727,000
- Successful series of Mock Employment Tribunals held in October and November attended by over 500 people across the UK.
- Continued growth of all service lines