Slater and Gordon has announced that it expects to make losses of more than A$1bn (£577m) for the 2015-16 financial year.

In an announcement to the Australian Stock Exchange, the listed firm said net loss after tax for the second half of 2015-16 is expected to be A$59.3m (£34m), which when added to its losses of A$958.3m (£553m) for the first half of the year, gives the firm a full-year net loss of A$1.02bn (£587m).

The statement adds that the figures include "a significant level of goodwill impairment, non-recurring expenditure and refinancing costs".

Slater and Gordon group managing director Andrew Grech said: "FY16 performance is a story of two different halves. The results for the first half were extremely disappointing and well below expectations.

"In the second half, we have taken significant steps towards turning around the performance of the UK business. While the UK performance improvement programme is still in its early stages, the second-half results indicate that our efforts are beginning to bear fruit."

The firm's unaudited revenue for 2015-16 is A$908.2m (£524m), while as of 30 June, net debt stands at A$682.3m (£394m) – up from A$614.1m (£354m) last year.

Slater and Gordon, which went public in 2007, has expanded rapidly in recent years, moving into the UK market with the 2012 acquisition of Russell Jones & Walker, followed by its acquisition of Quindell in March 2015.

However, the firm's growth has stalled dramatically and last June shares in the firm fell by 25% as a result of UK accounting errors. This was followed earlier this year by a restructuring of the UK business – including office closures – and a multimillion-pound refinancing deal with the firm's bankers.

For more see: Slater and Gordon cuts £437m debt deal