Shares of Glasgow-based global intellectual property law firm Murgitroyd Group rose about 15% on Tuesday after it said its revenue increased 7.5% to £48 million and profit before tax rose 16.4% to £4.16 million in the year to May 31.
Murgitroyd Group chairman Ian Murgitroyd said: “The year under review has been one of change and developments for the group including the restructuring of the board and the acquisition of Chapman IP which I am pleased to report has been integrated successfully.
“Both revenue and profit before tax have increased, which has allowed us again to propose an increased final dividend.
“Despite continuing macro-economic and political uncertainties, the group’s European and international presence, with eighteen offices in ten countries, puts us in a strong position to balance out any weaknesses in individual markets and to support our clients worldwide.
“We were particularly pleased to be named the leading patent law firm in Europe by the Financial Times and Statista Survey which ranks the firms rated most highly by their clients and peers.
“Murgitroyd was the only firm to have been awarded Gold in all six industry sectors.
“This is testament to our firm’s commitment to service and innovation and we are honoured to have been recognised in such a resounding way by our clients.
“The group’s trading performance in the early part of the new financial year has been strong, partly as a result of a growing case-load from major US-based corporates, including a new retained advisory relationship.
“While Murgitroyd operates in a market with good long-term prospects, we are not complacent and the board remains committed to the reinvestment of a proportion of incremental profits in systems, customer service and business development, which underpin our future growth plans.
“Nonetheless, the group is currently well placed to deliver on its expectations for the financial year as a whole and I remain confident that we can achieve both our financial and operating objectives and maintain our progressive dividend policy.”