News / Law
Bristol law firm returns to profit
After being in the red following the pandemic, Lyons Davidson has reported a return to profit for 2024, posting an EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) of £0.7m — an improvement of £1.5m on the previous year, excluding the results of its joint venture ABS.
The firm, headquartered in Bristol and employing over 500 people across its four UK offices, has been on an upward trajectory since last autumn.
Managing director Mark Savill attributed the improvement to a three-year strategic change plan focused on operational efficiencies, business structure and system enhancements.
Growth in the home and commercial LEI teams, along with a successful business interruption insurance settlement contributing £2.5m, strengthened the company’s financial position and reduced bank debt.
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The firm has also made progress in cutting premises costs, with lease reductions expected to save around £1.75m per year by 2026.
Challenges remain from court backlogs and the impact of auto-referral to mediation in motor claims, but Savill highlighted the importance of ongoing protocol initiatives and alternative dispute resolution.
He said: “We have emerged a stronger and more diverse business with a broader range of services across the insurance sector and further growth in our Home and Commercial LEI teams, which is now our largest division.”
Looking ahead, the firm plans to leverage technology and AI, expand digital services and focus on customer value to support growth.
Savill added: “We have an encouraging forecast in our five-year plan, with pipeline growth opportunities already coming through and clear efficiencies from implementing technology and AI.
“The emphasis remains on developing customer value with our business partners, with exciting innovations in our online digital services and solutions to help customers navigate impending legislative changes in areas such as employment rights and tenancy reform.”
Alongside its head office on Queen Square, Lyons Davidson has offices in Edinburgh, Cardiff and Leeds.
Main photo: Lyons Davidson
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