Australian-listed firm Slater & Gordon has revealed a loss of A$1.02bn for the 2015/16 financial year and blamed the results on a “poorer than expected UK performance”.

The firm also saw revenue rise by 51.8 per cent from A$598m to A$908m. The increase in turnover was in part due to the firm’s acquisition of legal outsourcing provider Quindell, which was also a key reason for the firm’s substantial profit loss.

Slater & Gordon acquired Quindell for £700m last year but following the purchase the Financial Conduct Authority (FCA) launched an investigation into an overstatement of Quindell’s 2014 profits. Since then the FCA investigation has been called off to make way for an investigation by the Serious Fraud Office.

During the first half of 2015/16 the firm reported a loss of A$958.3m (£493m), which was attributed to an “impairment of goodwill” caused by the acquisition of Quindell.

Last week the firm announced to its shareholders that it was due to report a further loss of A$59.3m for the second half of the year.

The firm splits its business into three distinct divisions: Slater & Gordon Legal (SGL) Australia; SGL UK; and Slater & Gordon Solution (SGS). By revenue SGL Australia generated A$265.6m last year, while SGL UK and SGS brought in A$230m and A$437.2m respectively.

All three divisions made a loss last year with a A$822.6m loss attributed to SGS. SGL Australia made a loss of A$100.9m and SGL UK made a loss of A$64.4m.

The firm’s accounts stated: “The impairment charge was disappointing but necessary due to both the poorer than expected UK performance to date and the increased risk associated with potential UK legislative change.

“There are several reasons for the UK underperformance including lower case resolutions from a disproportionately higher cost base in Slater & Gordon Lawyers UK, lower than anticipated road traffic accident and noise induced hearing loss resolutions in SGS, and lastly the impact of a range of significant non-recurring restructuring costs.”

Following last year’s autumn statement Slater & Gordon saw its share price plummet 52 per cent as the UK Government announced a shake-up of the way road accidents claims are handled. The proposed changes would limit the rights of people in the UK with lower value personal injury claims.

The firm’s accounts showed that 64 per cent of its revenue was generated from personal injury work, while 72 per cent of turnover was generated in the UK.

After the firm revealed its half year results it was forced to present a new operating plan and restructuring proposal to its banking syndicate. Slater & Gordon reached a last minute deal with its syndicate to maintain its lending facility.

The new deal includes a number of conditions including the requirement the firm must report to its lending syndicate more frequently and provide it with a semi-annual debt amortisation. Slater & Gordon has also agreed not to issue any dividend payments until its finances have improved.

As part of the firm’s restructuring plans Slater & Gordon will close four of its UK offices. In January it emerged that the firm was putting 51 jobs at risk when it decided to close its Derby and Failsworth offices. It has now been revealed that the firm will also be closing its doors in Halifax and Bristol.

The office closures are expected to be completed during the first quarter of 2017.