Slater & Gordon Limited (ASX: SGH)- Law Firm Slater & Gordon announced FY18 results

  • Aug 30, 2018 AEST
  • Team Kalkine
Slater & Gordon Limited (ASX: SGH)- Law Firm Slater & Gordon announced FY18 results

Slater & Gordon Limited share price sharply fell by 6.805% to $3.150 on 30 August 2018 (8:07 PM AEST) as the company posted 12.2% decline in FY18 revenue of $159.25 million, impacted by the reduction in size of the business.

Net profit after tax increased 120.8% from $546.5 million of net loss after tax reported last year. This reflects the one-off gain on disposal of UK business as part of recapitalisation in December 2017. The company has undertaken recapitalisation with the aim to separate them and their Australian subsidiaries from UK operations and subsidiaries, resulting to provide more sustainability to restructured group. 

Lawyers group SGH has undergone changes in company’s Board along with business-wide transformation program. Operating cash outflows generated from continuing operation was $8.0 million in FY18, compared to $22.2 million in FY17.

No dividend was proposed for the years ending 30 June 2018.

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