Slater & Gordon posts first post-float results

Australia firm Slater & Gordon, which made history earlier this year by floating on the Australian Stock Exchange, has exceeded its profit forecast of A$9.1m (£3.74m) for the year ended June, posting an actual figure of A$10.7m (£4.39m).

This performance was achieved on the back of a revenue of A$61.9m (£25.4m), which managing director Andrew Grech attributed to the firm’s traditionally strong Victoria-based work and accounted for about 66 per cent of its fees.

Grech added that the firm, which focuses on 14 practice areas across six states and territories, is seeing a strong base forming in practice areas that were not previously offered, such as commercial litigation and family law.

Slater & Gordon, which raised A$35m (£14.67m) via its Australian Stock Exchange listing in May, has been on an aggressive acquisition drive since its flotation. It acquired Brisbane-based military compensation specialists D-Arcys Solicitors in July and New South Wales-based labour law firm McClellands in August.

The two acquisitions are expected to contribute A$5m (£2.05m) to the firm’s top line over the coming year. Slater’s listing prospectus estimated fees for 2008 to come in at A$65.4m (£26.85m).

The firm is planning to open an office in Melbourne by the end of the year and also intends to make at least one more acquisition as part of its strategy to widen its brand across Australia. That said, Grech added that the firm’s key priority is to integrate its recent acquisitions first.