Slater & Gordon is eyeing off more UK assets despite the challenges of its most recent $1.2bn acquisition of the professional services arm of UK group Quindell back in March.
According to The Courier Mail, the firm has identified opportunities for further consolidation in the Aussie and UK markets, despite the firm facing complications earlier into its own accounting practices.
The firm was confident it faced no liability during an anti-fraud investigation into Quindell by the UK government, but errors following the investigation into its own accounting practices had to be corrected, relating to the historical UK cash flow.
“Whilst these errors were unfortunate they have now been rectified and had no impact on the net cash from operating activities, which remains as reported,” said chairman
John Skippen.
The company reportedly said directors “remain convinced of the strategic merit of taking a leading position in both the Australian and UK consumer legal services markets”, apparently despite previous complications.
Slater & Gordon’s share price took a dive this year following the Quindell acquisition, dropping around two thirds of its value from a high point back in April.
“Unfortunately, the medium and long-term opportunities created by the acquisition have been clouded by some short-term challenges,” said Skippen.
“Our approach to managing these has been robust and transparent.”
