Yahoo Finance is reporting….Slater & Gordon profit up 21%
http://au.finance.yahoo.com/news/slater-gordon-profit-21-005304834.html
Gordon has increased its half yearly profit by 21 per cent as it expands into the United Kingdom.
The legal company made a net profit of $22.9 million for the six months to December 31.
Revenue was up 22.3 per cent on the previous corresponding period, to $178.3 million.
During the half Slater & Gordon accelerated its expansion into the UK market with the announcement of five acquisitions.
Four been completed while the fifth is on track to be completed later in February.
“The performance of the UK business demonstrates that our strategic rationale for entering the UK market is sound, and that whilst still early days, is being executed effectively,” Slater & Gordon managing director Andrew Grech said in a statement on Wednesday.
“With the completion of the Pannone transaction later this month, we will have secured approximately five per cent market share in the UK claimant personal injury market and have built a strong base for future growth and development.”
In the UK, the existing business also performed well and a new direct-to-consumer marketing program launched in September had increased new client inquiries.
Locally, the firm’s Australian personal injuries practice delivered seven per cent revenue growth on the previous corresponding period.
“We have been able to maintain a strong overall financial and operational performance in our Australian practice whilst accelerating our expansion into the UK market,” Mr Grech said.
Slater & Gordon maintained its previous revenue guidance of $395 million for the full year.
Shareholders will also receive an fully-franked interim dividend of 3.00 cents a share, up from 2.75 cents in the same period last year.
At 1136 AEDT shares in Slater & Gordon jumped 13 cents, or 3.09 per cent, to $4.34.
