This profit, the listed firm proclaimed, marks its “highest level ever achieved”.

NPAT attributable to the firm’s owners was up at $1 million, another high, boosted by record revenue of $21.9 million (up 15 per cent from last year), and a $6.1 million drop in expenses from the previous corresponding period.

The firm is, it declared in its investor presentation, to be “in the early stages of a significant turnaround”.

In the last 18 months, the presentation noted, normalised net profit before tax (NPBT) was up to $1.4 million for the owners over the last 18 months, representing a “significant lift” from the preceding two and a half years, which saw losses of $0.4 million.

The acquisition of Armstrong Contested Wills & Estates, as reported by Lawyers Weekly in March, which marked AF Legal’s expansion into a practice area complementary to family law, assisted in delivering revenue in the fourth quarter of FY23–24, by way of “additional revenue and scale, allowing us to better leverage our relatively fixed central cost base”.

Elsewhere, the listed firm completed a successful cap raise of $1.9 million in March and extended its finance facility with NAB – first reported back in mid-2022 – until early 2027.

AF Legal’s improved results, the investor summary concluded, “have been delivered off a solid foundation put in place across the first 12 months or so of the new management team”.

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“It is pleasing to witness the transition of our organisation into one that is truly people-first and practice-led,” it said.

The news follows the listed firm’s promotion of 15 professionals to more senior roles in mid-July.