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Law firm, Shine Corporate Ltd (ASX:SHJ) has recently released its Half Year Report for the period ended 31 December 2018. As per the same, the Group Revenue was marginally down at $86.39m compared with $88.23m in the prior corresponding period, due to a combination of factors including lower billing recovery rates in H1. Also, this slight decrease in revenue was the net result of a number of factors, including WIP recoverability.
For the half-year period, the company reported total expenses of $81 million which were $4.92 million higher than the prior comparative period of $76.08 million. Included in the current results was an impairment charge on goodwill in relation to the Land, Energy and Resources practice of $5 million subsequent to a review of this sector's performance. Employee benefits expense increased by $1,008,000 (2.2%) from $45,336,000 to $46,344,000. The main driver of the increase was inflation adjustments to salaries.
EBITDAI was $19.56m for the half-year compared with $16.48m in the prior period. The adoption of AASB 16 Leases, on 1 July 2018 had an impact on EBITDAI and Group Operating Cash Flow, resulting in previously reported operating leases now disclosed below EBITDAI as a combination of depreciation and interest. On a like-for-like basis, EBITDAI was $15.15m against $16.48m in the corresponding prior period indicating a fall of 8.1%on pcp, also the Group Operating Cash Flow was $2.21m against $6.49m in the previous corresponding period signifying a 65.9% decrease on pcp.
Group Operating Cash Flow was impacted by a delay in the receipt of Class Action billings which were due in December 2018 but not received until January 2019.
The Board of Directors have declared an unfranked interim dividend of 1.25 cents per share on 27 February 2019 as compared to the 1.0 cents per share fully franked declared on H1 FY2018. The Record Date for determining the eligibility to receive dividends has been decided to be March 8, 2019, and the payment date shall be March 22, 2019.
Now, letâs have a glance at the Shine Corporate Ltdâs stock performance and the return it has posted over the past few months. The stock is last traded at a price of $0.62, down by 7.463% during the dayâs trade with a market capitalisation of ~$116.02 Mn. The counter opened the day at $ 0.635 and reached the dayâs high of $ 0.640 and touched a dayâs low of $ 0.615 with a daily volume of ~ 1,186,649. The stock has provided a Year Till Date return of -4.76% & also posted returns of -28.57%, -0.71% & -2.10% over the past six months, three & one-months period respectively. It had a 52-week high price of $1.090 and touched 52 weeks low of $ 0.615, with an average volume of ~ 38,687 approximately.
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