Page 39 - Annual Review 2015-2016

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The other key challenge is the continuing Investing for the future
contraction in the insurance market and this
We have borrowed to fund growth and
has impacted on our revenue performance. FINANCIAL REVIEW
integration (locations, systems and people)
However, there is underlying growth in the
but expect to reduce net debt over the
business. We have seen some great new
next year as our efficiencies and business
client wins and introduced new and more
development plans yield results. We are
efficient ways of working. As a result, despite
comfortable with our level of debt as it
the small decline in top line revenue, we
serves to aid growth and build a
still delivered an increased profit margin.
sustainable business.
Top-line contraction and bottom-line profit
improvement shows that we are responding
International expansion
to the market dynamics.
International expansion is critical as it is a
Connectivity will drive us forward capability that our current and target clients
need and request from us. This serves our
We are growing organically and deepening
agenda for improved client service, and the
our relationships with clients. The key
fact that our chosen geographies are client
requirement is for us to build a workforce
led de-risks expansion and helps us to realise
which understands the wider value that
synergies in a more efficient manner.
DWF can bring to clients, not just their own
specialism. We do not describe ourselves
Increasing profitability
as a law firm – we are a legal business, and
as such see ourselves as business partners We need to be smarter on pricing. This is an
to our clients, solving their business issues industry-wide issue and in this ‘more for less’
through a legal lens. economy clients want certainty, but they also
want more options. We need to help our fee
earners scope and price more effectively and
continue to optimise our delivery model. Revenue
£186.9m
The future
This approach is part
The future is bright for us. We are at the
of our strategy of doing forefront of the market, embracing the
things differently. We are changes in the legal sector. Ultimately, our
early stage investment will pay off and keep
well positioned to do this
us ahead of the pack in a changing market.
through the various building
blocks and delivery models A huge amount has been invested into the
business, its systems, central services,
that we have invested in.
infrastructure and brand. We are led by clear
This is our fastest route values and a strong CSR function. We have an Profit
to growth and is the amazing client base and a welcoming, friendly £20.4m
way we believe we will culture. Doing great work for great clients with
great people, we believe, creates a successful
bring most value to our business. We now have a solid foundation to
clients, by bringing them deliver strong revenue and profit.
a comprehensive offering

rather than a point-solution.

PEP
£309k