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).
Slater & Gordon added Taylor Vinters’ personal injury practice (19 August 2013), Goodmans (30 August 2013), and John Pickering & Partners (24 October 2013) to its business between August and November 2013.
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.