Login
Slater & Gordon sees massive profit increase
ASX-listed law firm Slater & Gordon has announced a net profit of $27.9 million for the past financial year, up 40.9 per cent on the previous year._x000D_
The New Lawyer
ASX-listed law firm Slater & Gordon has announced a net profit of $27.9 million for the past financial year, up 40.9 per cent on the previous year.
The massive profit comes after revenue for the year increased 46.2 per cent to $182.3 million.
The law firm acquired two practices in the past year in firms Trilby Misso and Keddies. Both firms achieved their FY11 revenue projections of A$28.0m and A$11.0m respectively. Trilby Misso's final revenue figure was A$4.2m above expectations.
"The fact that we were able to achieve our target revenues for both practices is a strong indictor of the progress we've made," said Slater & Gordon managing director Andrew Grech.
"We're also seeing the benefits to the organisation of brining in a substantial number of experienced practitioners and professional staff through the acquisitions."
The firm also achieved organic growth in New South Wales and Victoria, seeing more than 10 per growth in personal injuries practices in those states.
The firm extended its network of offices in the past year with new Werribee and Warrnambool offices in Victoria and the Trilby Misso offices including one in Toowoomba.
The firm is now anticipating more than A$200m in revenue in the next year, with a target EBIT margin of 25 to 26 per cent.
"We now have a very strong position in the personal injuries markets," said Grech.
The firm is now investigating opportunities in consumer legal services, including in the overseas market.
Grech said the UK is of interest because of its jurisdictional similarities to Australia, as well as the imminent introduction of legislation that allows listed law firms to operate there.
