Integrated Legal Holdings (ILH) and Slater & Gordon have released their 2010/11 first half results, each posting significant net profit earnings.
ILH has reported its net profit after tax is up 96 per cent to $755,906, with earnings per share up 54 per cent in the 2010/11 first half results ending in December.
Slater & Gordon has announced a net profit of $13.3 million for the same period, up 40.5 per cent on the corresponding half year results. Slater & Gordon also posted $84.4 million in revenue, up 44 per cent from the previous period, which included $14.7 million from the recently acquired Trilby Misso.
ILH revealed that its operating revenue has increased by 18 per cent to $13.6 million and listed the acquisition of the Perth-based Wojtowicz Kelly Legal under merger arrangements with existing ILH member firm Brett Davies Lawyers as a significant highlight for the period.
The Perth-based Wojtowicz Kelly Legal has three partners and around 40 staff and an annual fee income of approximately $5.3 million. The firm joined ILH via a merger with Brett Davies Lawyers which was completed on 1 February 2011 and is trading as Civic Legal, with ILH acting as the senior management team.
ILH listed its future priorities as working on the growth and development of existing member firms and extending the group's geographic coverage and scale.
Slater & Gordon has listed the $57 million August acquisition of personal injuries firm Trilby Misso as a highlight, which the directors said is on track to meet or exceed the $31 million annualised revenue forecast made at the time of the acquisition.
Slater & Gordon completed the $35 million acquisition of Keddies earlier this year, with the firm expecting it to contribute approximately $11 million in revenue to the company's full year results.
The company is chasing a full year revenue target of $170 million following the Keddies acquisition, and has stated that while it will seek to consolidate its latest acquisitions, it will also seek further growth and new opportunities in the second half of the year.