May 29, 2020, 2:41 a.m. EDT

DWF appoints chairman as CEO amid profit warning

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By Matteo Castia

DWF Group PLC said Friday that Chairman Nigel Knowles is replacing Andrew Leaitherland as chief executive with immediate effect, and that revenue and profits for fiscal 2020 are seen weaker-than-expected due to the pandemic headwind.

Mr. Leaitherland is stepping down from both his chief executive and managing partner roles, after more than 20 years at the company, the British legal-services provider said.

Senior Independent Nonexecutive Director Chris Sullivan will take up the position of chairman on an interim basis, DWF said.

The company said it anticipates a revenue growth for the year ended April 30 at 11%, below the previously estimated range of 15% to 20%.

Forecasts for earnings before interest, taxes, depreciation and amortization are now reduced to 34 million pounds ($41.8 million), it added.

Despite the headwind, April was the strongest month ever for the group, with over GBP40 million worth of billings and GBP45 million of cash collection, the company said.

"Early indications for May show improved activity compared to April as well as to the same period last year," DWF added.

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