Australian-listed firm Slater and Gordon (S&G) has today (12 August) announced financial results for the 2013/14 year, with UK revenues jumping to £100m (A$182.5m) due to multiple acquisitions last year, and has voiced plans for further expansion.
The firm recorded UK turnover of £45.5m for financial year 2012/13 giving a total increase of 120%. Having issued results to the Australian Stock Exchange, the firm showed a breakdown with overall revenues of £231m (A$418.5m), constituting a 40.6% increase on last year. Net profit after tax was up 47% to £18.7m (A$33.7m), of which £15.1m (A$27.4m) was attributable to UK operations.
The firm also confirms it plans to maintain its upward trajectory in 2015, and in Australia is aiming for 5% revenue growth in personal injury and 10% in general law, while in the UK it seeks to grow by a further 8% next year.
The firm also today announced the proposed acquisition of Victorian specialist PIL firm Nowicki Carbone and Queensland consumer law practice Schultz Toomey O’Brien with a combined estimated annual fee revenue of A$39m.
Having embarked on an acquisition spree last year in a bid to make inroads into the UK’s personal injury market, the firm acquired the consumer services and personal injury (PI) business of Manchester’s Pannone in a deal worth £33m; clinical negligence and PI practice, John Pickering & Partners; personal injury firm Fentons in August, adding around 280 staff to the rapidly growing firm; Russell, Jones & Walker for £53.8m; Goodmans Law; and the personal injury practice of Taylor Vinters.
On the results, S&G group managing director Andrew Grech said: ‘I am very pleased with the group’s financial performance for FY14. We have been able to deliver the results we promised while making great progress in each of the key areas of our growth strategy.
The businesses acquired in the UK are running smoothly and the integration of all acquired firms is well progressed. We have been delighted by the response to the launch of the S&G brand which along with Claims Direct is delivering underlying revenue growth of 8% year on year.’