Slater & Gordon $19.1m Profit Up 61% 1H2013

Publicly listed law firm, Slater & Gordon (ASX:SGH) have announced its half year financial results for 2013 to its shareholders and investors on the Australian stock market.

• Slater & Gordon reported a net profit of $19.1 million for the first half of FY 2013, up 61 percent on the previous corresponding period of $11.8 million
• Slater & Gordon Revenue for the half was $145.7 million, up 46.5 percent on $99.5 million in the prior corresponding period.
• In 2012, Slater & Gordon took over British Law firm Russell Jones & Walker in the UK. The UK business reported revenue of $34.3 million and post-tax profit of $3.5 million. The business was acquired for £53.8 million.
• Managing director Andrew Grech said, "It's a market which is undergoing quite a lot of regulatory change at present and we see that change as auguring in some real opportunities." Legislation was introduced in October 2012 allowing law firms to be owned by non-legal practitioners. Australia and Britain are the only two jurisdictions in the world which have these laws.
• The company re-affirmed guidance at full financial year revenue of $290 million.
• Slater and Gordon acquired Queensland's Conveyancing Works business in 2011. The company processes 16,000 of the 450,000 conveyancing transactions expected nationally this year.
• Slater & Gordon have declared an interim fully-franked dividend of 2.75 cents per share, up from 2.5 cents per share.