2020/21 financial results for AF Legal Group Limited trading as Australian Family Lawyers
Revenue & expansion
Revenue was up by 58% (compared to FY20) to $11.1m but there was a financial loss of $482K compared to a profit in FY20 of $422K.
During this year, AFL expanded with new offices via lateral hires in Adelaide (August 2020), Perth (October 2020), Gold Coast (November 2020) and North Melbourne (November 2020). In addition, AFL completed the acquisitions of Strong Law in Canberra (December 2020), Watts McCray in Sydney (June 2021) and Kordos Lawyers in Melbourne (June 2021).
Costs, profit & EBITDA
Staff costs in FY21 were $5.5m - close to 50% of revenue.
Profit was impacted by increased expenditure on marketing and advertising and computer and software expenses.
Despite the statutory accounting financial loss, the company has disclosed an underlying pro forma revenue of $16.4m and EBITDA of $4.7m (28.7%). This is based on a full-year contribution from Strong Law, Watts McCray and Kordos Law from 1 July 2020.
AFL now has 15 offices and 80 employees.
Article submitted by Peter Frankl.