ASX-listed law firm Slater & Gordon has announced a net profit after tax of A$27.9m, representing a 40.9% increase on its previous results. Revenue has increased 46.2% to A$182.3m.
During the past year the firm acquired two firms, Trilby Misso Lawyers Limited and Keddies and it also purchased part of Rob Powe Lawyers. The Trilby Misso and Keddies practices both achieved their financial year revenue projections of A$28m and A$11m respectively; for Trilby Misso the final revenue figure was A$4.2m above expectations.
“The fact that we were able to achieve our target revenues for both practices is a strong indicator of the progress we have made,” said Slater & Gordon managing director Andrew Grech. “We’re also seeing the benefits to the organisation of bringing in a substantial number of experienced practitioners and professional staff through the acquisitions.”
The Slater & Gordon Group will continue to expand its national network of offices this year, according to Grech, with new Slater & Gordon offices opening in Werribee and Warrnambool (Victoria) and a new Trilby Misso office opening in Toowoomba (South Queensland).
The group is expecting to hit revenues of more than A$200m in the next financial year: “We are well advanced in our plans to maximise the growth opportunities we’ve identified in other areas of consumer legal services,” added Grech. Areas being targeted include family law and private client services.
Expansion overseas is also on the agenda for Slater & Gordon, which has identified the UK market the most likely destination because of its jurisdictional similarities to Australia and the upcoming introduction of legislation allowing listed law firms to operate there.
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