Slater & Gordon restructure plans as ASIC probe ends

Slater & Gordon has announced a large loss and set out some strategic goals in order to bounce back from recent business woes. The publicly-listed law firm posted a group loss of AU$958.3 million for the six months to the end of 2015, a sharp contrast to the $49.3 million profit it made a year earlier.
The result was hit by issues including a $876.4 million non-cash impairment charge against the carrying value of goodwill; and underperformance of its UK business.
The Australian arm performed well with EBITDAW gaining 15.4 per cent to $16.4 million on revenues of $139.3 million (up 22.7 per cent.) The ASIC has now concluded its investigation of Slater & Gordon’s financial reports for two periods, the statement to the stock exchange said.
The firm told the ASX that it remains compliant with its financial covenants and is to deliver a restructuring plan to bankers next month. Improving performance in the UK is a key goal for the firm, although managing director Andrew Grech noted: “It is important that we also continue to support the strong performance and growth of our Australian business, which continues to thrive. We continue to see opportunities for growth in Personal Injury Law and General Law in Australia both organically and from a renewed focus on operating effectiveness initiatives.”
 
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