Slater & Gordon, the first public listed law firm, has announced significant profits for its UK branch in reports published on its home stock exchange in Australia, reports LawFuel.co.nz
Slater & Gordon’s UK arm made £35m (A$61.4m) in the first half of its 2013/14 financial year (from 1 July 2013 to 31 December 2013)
The amount shows a 78.6 per cent increase on the £19.6m (A$34.3m) revenue generated during the same period in 2012/13.
Slater & Gordon’s (S&G’s) UK net profit also more than doubled, from £2m (A$3.5m) in the first six months of 2012/13 to £4.2m (A$7.3m) in 2013/14.
The UK subsidiary generated 35 per cent of S&G’s £101.6m (A$178.3m) revenue for the half year, compared with 23 per cent, or £83.1m (A$145.8m), for the same period last year.
The firm said it hoped that its recent acquisitions would bolster UK revenue by a further £40.2m (A$70.5m) by the end of the financial year, bringing total UK revenue to £88.4m (A$155m) by the end of June. If the firm achieves the target, the UK subsidiary would generate 39.2 per cent of the firm’s global revenue target of £225.2m (A$395m).
The Australian-headquartered firm made a raft of acquisitions in the first half of 2013/14.
It added Taylor Vinters’ PI practice (19 August 2013), Goodmans (30 August 2013), and John Pickering & Partners to its business between August and November 2013. It is estimated that the trio will bring in £10.3m over the course of the year.