find the latest legal job
Freelance Project Finance Lawyers
Category: Other | Location: All Australia
· Vario are looking for freelance lawyers with experience in project finance ideally within the renewable energy sector
View details
Vario Freelance Lawyers
Category: Construction Law | Location: All Australia
· We are looking for lawyers who appreciate the endless possibilities that a freelance career can offer.
View details
Freelance Construction Lawyers
Category: Construction Law | Location: All Melbourne VIC
· We are looking for construction lawyers who appreciate the endless possibilities that a freelance career can offer.
View details
Banking Associate - 1-6PQE - Allen & Overy
Category: Banking and Finance Law | Location: United Kingdom
· Banking Associate - 1-6 PQE - Allen & Overy
View details
Academic Dean and Head of School of the TC Beirne School of Law
Category: Other | Location: Brisbane QLD 4000
· An outstanding opportunity · Provide educational, research and organisational leadership
View details
Slater and Gordon announces full extent of losses

Slater and Gordon announces full extent of losses

stock market

Listed firm Slater and Gordon has released its half-year financial report, revealing a loss of almost $1 billion in the first half of FY2015-16.

Slater and Gordon ended the first half of 2015-16 with a net loss after income tax of $958.3 million, compared to a net profit after income tax $49.3 million the previous year.

The firm ended the first half of FY2015-16 with total revenue and other income of $487.5 million and gross operating cash flows used, excluding interest received, borrowing costs and income tax paid, of $62.5 million.

In a statement, Slater and Gordon said its half-year results were impacted by an $876.4 million impairment charge against the carrying value of goodwill and underperformance in its UK operations.

ASIC released a media statement following the announcement of Slater and Gordon results, announcing that it has discontinued its inquiries in relation to Slater and Gordon's financial reports for the years ended 30 June 2014 and 30 June 2015.

“ASIC today noted the decision by Slater and Gordon Limited to reduce asset values in its financial report for the half year ended 31 December 2015,” the statement read.

“ASIC also noted Slater and Gordon’s earlier decision to reclassify a portion of its work in progress and disbursement assets as non-current in its financial report for the year ended 30 June 2015.”

The firm’s share prices have slumped continuously since April 2015, which prompted the launch of a potential class action suit by rival Maurice Blackburn in December 2015.

ACA Lawyers also announced on 29 February that it has finalised a funding agreement with Justkapital Litigation Finance and London-based Woodsford Litigation Funding to investigate bringing a shareholder class action against Slater and Gordon.

Bruce Clarke, principal with ACA Lawyers, said “[Slater and Gordon’s] directors have a lot of explaining to do”.

“It is not only large institutional investors who have been burnt. Mum and dad investors and the company’s own staff took up shares in the rights issue.”

McGrathNicol was appointed to lead an investigation into the firm’s accounts in January, before Slater and Gordon announced the potential closure of two UK offices earlier this month.

Slater and Gordon was due to release its results in January but postponed to February as it was still working with its auditors and advisers to finalise its half year result.

Like this story? Read more:

Book commemorates diamond milestone for WA law society

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

Slater and Gordon announces full extent of losses
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Lawyers take to Twitter to share career stories
Jan 22 2018
Lawyers take to Twitter to share career stories
The #mypathtolaw hashtag has been embraced by legal eagles to swap stories with the Twitter communit...
Jan 22 2018
Legal body disappointed with DPP emails leaked to tabloid
The NSW Bar Association has expressed “profound disappointment” over leaked emails from the NSW ...
Gavel, legal book, criminal lawyers
Jan 19 2018
Three criminal lawyers named NSW magistrates
The NSW Attorney-General has announced the appointment of three new local court magistrates. ...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...