Shuffling in Slater and Gordon’s Board
On September 26, 2018, Slater and Gordon (ASX: SGH) came out with the press release which throws light on the changes which have been done in the board of the company. As per the press release issued, Hayden Stephens would no longer be the director of the company. John Somerville, the company’s chief executive officer or CEO would be taking the charge of Managing Director or MD as well. The company’s secretary or CS and General Counsel named Michael Neilson would now known as SGH’s Executive Director, Legal and Governance.
James MacKenzie, the company’s chairman appreciated the roles and responsibilities of the outgoing Director named Hayden Stephens. He has served the company for the tenure of 25 years and was dealing with a lot of legal cases which were faced by the company.
At the time of writing, the stock price of Slater and Gordon was A$2.66 which implies that the stock rose 0.38% intraday. As of September 26, 2018, the company has market capitalization or cap of $184.25 million.
A Quick View of Slater & Gordon’s FY 2018 Results:
Slater and Gordon’s (ASX:SGH) FY 2018 financial results saw a non-recurring benefit from the company’s decision to dispose-off of the UK business in late 2017. However, this decision represents its recapitalization strategy. The company posted net loss post tax from the ongoing operations on the back of the expenses incurred with regard to the transformation program and its divestments activities. However, as a result of the company’s transformation program, it is expected to witness an improvement in the top line as well as bottom line numbers.
The expected robust performance of the company is underpinned by the significant capital structure, improvement in the service offering as well as simpler operating model. These positive changes have been made possible only because of the transformation program. The company’s revenues as well as other income amounted to $159.3 million in FY 2018 which implies the YoY decline stemming from the size reduction. In FY 2017, the figure clocked in at $181.5 million. These numbers have been generated with the help of continuing operations. The company’s top management has an optimistic outlook on the changes that have been incorporated by it. The company is on the path to achieve the long-term growth. The company’s core focus area happens to be improving the core services which they are rendering. It also plans to move on the path of innovation.
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