Global legal business DWF swung to a before tax loss of £30.6m in FY21, down from FY20’s £18.2m profits.
The losses came despite the company reporting an increase to group revenues of 12% year-on-year to £401m in FY21.
DWF’s net revenue jumped at a similar rate, increasing 14% from £297m in FY20 to £338m the following year.
The firm attributed its losses due to “significant, largely non-cash, acquisition and closure/scale back related expenses treated as non-underlying items”.
Sir Nigel Knowles, CEO at DWF, said: “The results reflect a return to pre-Covid-19 activity levels, but they also evidence the importance of the decisive actions we took throughout the year as we focused on driving greater operational efficiency, profitability and strategic alignment.
“I am especially pleased to see revenue and gross profit margin growth in every division of the group.”
Looking ahead, the group has reinstated its guidance of achieving net revenue growth CAGR of between 6% and 7%, with gross margin climbing at least 53% for FY22.