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AFL reports ‘record’ revenue, names new CEO

Listed national law firm Australian Family Lawyers has released its financial results for the year ended 30 June 2021 and named a new chief executive.

user iconJerome Doraisamy 30 August 2021 Big Law
AFL reports ‘record’ revenue, names new CEO
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Financial results

Earlier on Monday, 30 August, AF Legal Group (ASX: AFL), also known as Australian Family Lawyers, reported it had achieved “significant growth and operational improvements” during the financial year 2021.

On a pro forma basis (that is, including the full-year contributions of Strong Law, Watts McCray and Kordos Law, all of which were acquired by AFL at different points in the last financial year), the firm reported revenue of $16.4 million, a 61 per cent jump on its FY20 numbers.

 
 

It also reported an operating EBIDTA of $5.8 million and underlying EBIDTA of $4.7 million, marking a 42 per cent and 54 per cent increase respectively.

Further, the firm had “record revenue” reported both in June 2021 and in its Q4 file openings. These results, it said, provide a “strong pipeline” for FY22.

On the marketing front, paid and organic lead growth were up 158 per cent and 93 per cent respectively compared to the previous financial year, AFL continued.

The results mean, AFL said, that it has experienced revenue growth (compounded annually) of 50 per cent each year since FY17.

AFL currently has 15 offices across Australia and more than 80 employees.

Board updates

In addition to the release of its financial year results, AFL also announced that current COO Stace Boardman is being promoted to CEO.

The board has also appointed Dr Sarah Kelly OAM as a new independent director, replacing retiring director Edward Finn.

Dr Kelly has worked as a commercial lawyer and is an “experienced” non-executive director with roles across the sport, tourism, technology, education, start-ups and not-for-profit sectors, with a focus on marketing and governance.

Mr Finn said that, as the largest shareholder in the company, he feels “incredibly confident” that the board has the right combination in place moving forward to drive the next stage of growth for its clients, staff and shareholders.

“I strongly endorse the appointment of Dr Kelly to the board and I look forward to continuing to support the Company for many years to come,” he said.

AFL executive chairman Grant Dearlove added: “The skills, independence and diversity Sarah brings to AFL will enhance our governance and we look forward to harnessing her experience to support the pace of the Company’s growth.

“I would also like to thank Edward for his service on the Board since listing and look forward to his continued support as a shareholder.”

The news follows last week’s release of financial results from listed national plaintiff firms Shine Lawyers and Slater and Gordon, whose results can be found here and here. Earlier on Monday, 30 August, listed software company Nuix also released its financial results, which can be found here.