Dye & Durham, a leading provider of legal practice-management software, has reported a steady loss in its fiscal second quarter of the year. This loss comes after the company’s sale of a business last year.
For the three months ending December 31, Dye & Durham recorded a net loss of 34.8 million Canadian dollars ($25.8 million), compared to a loss of C$34.8 million in the same period last year. On a per-share basis, the loss widened from C$0.52 to C$0.63.
Despite the loss, the company did see a 3.3% increase in revenue, reaching C$110.2 million. However, when excluding the sale of its TM Group business, Dye & Durham’s revenue actually increased by 17% compared to the previous year.
The sale of the TM Group business was completed in August for GBP91 million ($114.9 million) to alternative investment firm Aurelius. This deal was made following a ruling by the U.K. competition regulator, which stated that the acquisition of TM Group in 2021 would significantly reduce competition in property search reports.
While revenue showed modest growth in Dye & Durham’s Canadian operations, it experienced a decline in the U.K., Ireland, and Australia.
