For FY2021/22, the board has declared a final dividend of 3.25p per share, taking the total dividend for the year to 4.75p, reflecting a pay-out ratio of 44 per cent of adjusted profit after tax.

Sir Nigel Knowles, chief executive officer, said: “We are delighted with the progress we have made this year. We have achieved a record set of results with net revenue growth taking us to £350m in scale, adjusted profit before tax up by 21 per cent to £41m and lock-up days continuing to fall, down to 179. Our adjusted diluted earnings per share are up by 45 per cent to 10.7p with our diluted earnings per share increasing to 6.5p, our strongest results since IPO.

“These results have been made possible through the continued transformation of our business, not least the successful implementation of our new global operating model which was introduced on 1 May last year. As anticipated, this has resulted in the greater integration and alignment of our colleagues and services, for the benefit of our clients. It has also supported our integrated legal management approach, our key differentiator which is helping us to gain share of wallet against both traditional and new competitors.

“Despite the prospect of challenging macro-economic conditions, we remain confident in our medium-term guidance. This confidence is supported by the defensive nature of the group’s revenue being weighted towards litigation and the recurring revenue base in Insurance, which has always protected the group both from artificial peaks in growth and hedges against a slowdown in transactional activity. Similarly, we are confident that our balanced approach of competitive reward, including our unique ability to offer share awards, combined with a more progressive working environment will position us favourably in the ‘war for talent’.”