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An exhaustive analysis of the UK market including every firm in the top 200 ranked, analysed and benchmarked, UK chambers ranked by turnover, revenue per barrister and which international firms are most active in the UK.
Slater & Gordon’s UK revenues have smashed through the £100m barrier, with an 119 per cent increase in turnover from £46.1m to £101m (A$182.5m) for the 2013/14 financial year.
The firm’s preliminary financial report to the Australian Stock Exchange (ASX) attributed £15.1m of the firm’s overall net profit after tax to its activity in the UK.
Last year Slater & Gordon’s UK arm announced a 10 per cent increase on like-for-like revenues from the previous year to £46.1m in the 2012/13 financial year, just beating its A$70m target (21 August 2013).
The 2012/13 figures were the first full-year results after the Australian giant entered the UK market with the acquisition of Russell Jones & Walker in January 2012 (30 January 2012).
Globally the firm saw revenue increase by 40.6 per cent from A$297.6m to A$418.5m (£231.2m). Global net profit after tax rose by 46 per cent, from A$41.9m at the end of the previous financial year to A$61.1m in 2013/14.
Having undertaken a raft of acquisitions in the first half of 2013/14, today’s announcement stated that there was a good chance of further UK mergers being completed in 2015.
Slater & Gordon’s numerous acquisitions were beginning to show a return at the half-year when its results presentation to the ASX revealed the UK practice had raked in £35m between 1 July 2013 and 31 December 2013 (12 February 2014).
Fentons was added in September 2013, followed by Pannone in February (17 February 2014). Slater & Gordon’s UK income is currently 77 per cent personal injury work.
The firm’s work in progress (WIP) days increased by 29 days in Australia to 441 in 2013/14 from 412 the previous year. WIP in the UK increased by 72 days, jumping from 232 days in 2012/13 to 304 in 2013/14.