Law firm Slater & Gordon’s expansion in the UK has contributed to strong profit growth, and it has now made more acquisitions in Australia.
Law firm Slater & Gordon is expanding its core personal injury law business after lifting annual profit by 47 per cent.
The company is buying Victorian personal injury law firm Nowicki Carbone and Queensland consumer law firm Schultz Toomey O’Brien for $45 million in cash, plus $19 million of its own shares.
That will expand its local business, which in the year to June delivered revenue growth of six per cent.
Slater & Gordon’s revenue from its UK operations more than doubled due to its purchase of businesses there during the year.
That lifted the company’s net profit to $61 million in 2013/14, from $42 million in the previous year.
The law firm has forecast revenue growth of 19 per cent in the current financial year, driven by higher revenues in all parts of its business.
Slater & Gordon shares gained 31 cents, or 6.3 per cent, to $5.24.
UK EXPANSION BOOSTS SLATER & GORDON’S PROFIT
* Full year net profit of $61m, up 47 pct from $41.5m in 2012/13
* Revenue of $418.5m, up 40 pct from $298m
* Final dividend of five cents per share, up from 3.85 cents