Slater & Gordon has published its financial results for the year to 30 June 2015, recording a 27% increase in revenues as it continued its acquisitive streak throughout the year.
The Australian-listed firm said that turnover had grown from A$411.1m to A$521.9m, though that includes revenue from businesses it acquired in the year including Victoria and South Australia firm Nowicki Carbone and Queensland outfit Schultz Toomey O’Brien.
The firm also reported that the UK personal injury law section of the business generated more revenue than the Australian side for the first time, bringing in A$211.6 compared to A$211.1m. However on its general law practice front, Australian operations brought in Aus$56.7m – more than the UK’s A$47.8m.
EBITDA was put at A$121.6m, up 21% from last year’s A$100.8m with net profits after tax rising 7.7% from A$63m to A$70.7m.
The firm also revealed that it has re-branded the Professional Services Division, which it purchased from Quindell in May this year, as Slater Gordon Solutions (SGS). The Serious Fraud Office confirmed it was investigating Quindell’s ‘business and accounting practices’ when it owned the division after the company published revised annual accounts for 2014 showing a £312m swing from profit to loss.
Looking to its 2015/16 financials the firm revealed it is expecting to generate A$1,150m, including revenues from SGS, which on current conversion rates would see them be among the world’s largest 100 law firms.
Slater & Gordon group managing director Andrew Grech said: ‘We are very pleased with the financial results we have been able to deliver in FY15. We have put a lot of effort into business improvement initiatives throughout the year and it is satisfying to see this effort translating into improved client satisfaction, deeper brand awareness and improved financial performance. The underlying operational performance across Australia and the UK is strong and we have again delivered what we promised at both a strategic and operational level.
Grech added: ‘The results are even more pleasing having regard to the intensive acquisition activity and additional scrutiny our team has had to contend with.’
michael.west@legalease.co.uk