Law firm Slater & Gordon has notched up a 67 per cent increase in full year profit as it increases its presence in the United Kingdom.
The company on Wednesday detailed further inroads into British law firms, following last week’s acquisition of Taylor Vinters and the acquisition of Goodmans due to be completed on August 30.
Slater & Gordon on Wednesday also announced formal business sale agreements had been inked with Fentons Solicitors, a leading UK Personal Injuries (PI) firm with offices in London and Manchester.
It has already taken over Russell Jones & Walker in the UK which started trading as Slater & Gordon in February 2013.
Slater & Gordon managing director Andrew Grech said the company’s United Kingdom operations promised to underpin its earnings in the 2013/14 year.
“FY14 is expected to be an exciting and very busy year as the group integrates new businesses in the UK whilst continuing to grow the Australian business organically,” he said in a statement.
“The regulatory changes in the UK are providing some terrific opportunities.
“The UK is experiencing a greater rate of consolidation in the PI (personal injury) claims market than first expected.
“The acquisition program is ahead of schedule with the completion of Taylor Vinters, imminent completion of Goodmans, and today’s announcement of the acquisition of Fentons, the largest specialist direct to consumer claimant PI practice in the UK.
“Integration of these firms will be a significant step in building the depth of talent and business base required to achieve long term sustainable growth in the UK.”
Slater & Gordon’s FY2013 profit was up 67.6 per cent to $41.9 million.
Its total revenue was up 36.7 per cent to $297.6 million in FY2013.
Its full year dividend up 10 per cent to 6.6 cents per share, fully-franked.
At 1152 AEST, its shares had jumped 11 cents, or 3.59 per cent, to $3.17.