Fletchers’ CFO: outstanding year ahead
Fletchers Group has delivered record financial growth, signaling robust opportunities for consolidation and AI innovation
Fletchers Group CFO Alex Lynch has hailed 2023/24 as an “outstanding year,” marked by significant milestones and strong financial performance. The firm achieved £100 million in turnover and expanded to over 1,000 employees. Revenues rose by 36% to £58 million, and operating profits nearly tripled to £9.1 million.
“These results demonstrate the impressive growth and revenue opportunities that are available to firms who can invest in consolidation like Fletchers,” said Lynch.
Growth in personal injury (PI) revenues (+14%) and an 87% spike in PI case signings underscored the impact of acquisitions, such as the integration of Blume. Clinical negligence revenues also surged by 22%, with over half of new cases involving damages above £25,000.
Fletchers completed two acquisitions this year, with the contribution of Serious Injury Law expected in FY25. More deals are in the pipeline, reflecting the firm’s focus on mergers and acquisitions (M&A) to drive future growth.
“We expect to make another acquisition shortly,” Lynch added. “Many firms are looking to M&A to secure their long-term future, and current owners want to find a good home for their staff while realizing the value of what they’ve built.”
The Group also highlighted AI as a transformative tool. A newly formed data science team, bolstered by £1 million in annual investment, is running pilots to streamline processes like medical report pagination.
“Fletchers’ workload of over 14,000 cases positions us to leverage AI effectively. Results are promising, and we plan to commercialize our AI propositions,” said Lynch.
Alex Wyndham, Managing Director at Sun European Partners LLP, Fletchers’ owner, echoed these sentiments. “The latest results underline our view that consolidation in this field of civil law is a compelling investment strategy.”
Established in 1987, Fletchers Group continues to stand out as a leader in personal injury and medical negligence law, committed to supporting clients and the broader community impacted by life-changing injuries.