Slater beats profit target after £14m flotation

Australian law 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 (£3.72m) for the year ended June, posting an actual figure of A$10.7m (£4.37m).

This performance was achieved on the back of a revenue of A$61.9m (£25.29m). Managing director Andrew Grech attributed this to the firm's strong Victoria-based work, which accounted for around 66 per cent of fees.

Slater & Gordon, which raised A$35m (£14.3m) from its float in May, has been on an aggressive acquisition drive since its flotation. It acquired Brisbane-based military compensation specialist 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 (£2.04m) to the firm's top line over the coming year.