- Australian family lawyers, AF Legal (AFL) has updated the market on its performance since the official launch of AFL 2.0 and the COVID-19 pandemic
- Despite the negative impact around the world, AFL has achieved significant growth and operational improvements
- March was the company’s second-highest revenue month for the 2020 financial year
- The current economic environment could cause strain to the family as people are losing income and self-isolation policies
- Due to this, AFL has launched AFL Assist to support families through this difficult time
- The company says the total number of divorces remains stable, however, online search volumes for divorce lawyers have increased by 20 per cent this calendar year
- On market close, AFL is up 30.4 per cent, trading for 15 cents per share
Australian family lawyers, AF Legal (AFL) has updated the market on its performance since the official launch of AFL 2.0 and the COVID-19 pandemic.
Operating Performance
Despite the negative impact around the world, AFL has achieved significant growth and operational improvements.
For the first three months of the year, revenue is up 48 per cent, compared to the previous corresponding period.
March was the company’s second-highest revenue month for the 2020 financial year.
COVID-19 Response
Currently, the company has not been infected by the virus. However, it has put in measures to manage the potential business risks and ensure the health and safety of its staff, clients and community.
All lawyers are working from home and clients are currently serviced remotely except for important court days.
AFL is in the position to take advantage of opportunities that could become available due to the current business conditions, such as lateral hires and acquisitions.
Launch of AFL Assist
The current economic environment could cause strain to the family as people are losing income and self-isolation policies.
The Government recently announced a $150 million boost in funding to tackle domestic violence after support services reported a spike in family abuse.
“The ‘No to violence’ peak body funded to work with men to end family violence in Australia saw a 94 per cent increase in calls in early April 2020, at the same
time stage 3 restrictions were announced,” the company said.
Due to this, AFL has launched AFL Assist to support families through this difficult time. This service gives clients how much help they or want or need at a fixed fee.
Is isolation creating more divorces?
The company says the total number of divorces remains stable, however, online search volumes for divorce lawyers have increased by 20 per cent this calendar year compared to the same time last year.
In 2009, the number of total divorces in Australia increased after the global financial crisis of 2007-2008.
AFL continues to see an increase in enquiries each week, the company is expecting this to continue in the future.
Share Buy-Back
In February, the company announced an on-market buy-back of up to 10 per cent of its fully paid ordinary shares. The Board is looking at the market and the number of shares purchased will depended on the company’s share price and market conditions.
On market close, AFL is up 30.4 per cent, trading for 15 cents per share.