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Slater & Gordon has come out of the GFC on top, this week announcing it delivered a net profit of $9.5 million for the half year ending 31 December 2009 - despite failing to reach target in…
Slater & Gordon has come out of the GFC on top, this week announcing it delivered a net profit of $9.5 million for the half year ending 31 December 2009 - despite failing to reach target in its non personal injuries practices.
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The margin marks a 12.1 per cent increase in profits from the previous period, with revenue increasing 16.4 per cent year-on-year to $58.8 million.
The Slater & Gordon ASX announcement also said that directors had declared an interim dividend of 2 cents per share, up from 1 cent in the previous period.
The directors put the strong performance of the firm down to a continued uplift in their personal injuries practice, new offices in Ipswich and Joondalup, as well as a number of acquisitions - including that of the Melbourne-based Kenyons Lawyers, the Gunnedah based Long Howland and McGlade Lawyers in Ballarat.
But Slater & Gordon managing director Andrew Grech noted that while returns in the non-personal injuries practices are improving, but have not yet reached target levels.
"We had relatively modest additional revenue from acquisitions in the first half and we also continued to invest in other growth initiatives," said Grech. "But we were still able to increase revenue by over 16 per cent year on year and earnings by 12 per cent."
