Slater and Gordon's Losses Narrow; Revenue Rises
Firm chair James MacKenzie said he is pleased with the half-year results but added that the firm will "still have more to do."
February 27, 2020 at 01:17 PM
3 minute read
Publicly traded Australian class action plaintiff firm Slater and Gordon recorded a small net loss in its financial first half, although revenue rose.
The firm, which acquired U.K. firm Quindell in 2015, reported a net loss of A$516,000 (US$338,000) for the six months to Dec. 31, compared with a loss of A$10.3 million (US$6.75 million) in the same six months a year earlier, Slater and Gordon said in a statement.
Total revenue and other income from continuing operations was A$89.2 million (US$58.4 million), compared with A$75.1 million (US$49 million) the year before.
"While the FY20 Half Year Results are another pleasing step and are a result of the effort of all of our people, we still have more to do," chair James MacKenzie said in a statement. "Slater & Gordon has a clear strategy and a clear vision for the future and it is the commitment to that by the company's board, management and staff that is continuing to drive improvement."
The acquisition of Quindell—now renamed Watchstone—for £637 million ($820 million) in 2015 ended badly, and Slater and Gordon reported a A$1 billion (US$655 million) loss in 2016.
The following year, Slater and Gordon sued Quindell, alleging that "it was induced to make the acquisition by fraudulent representations," particularly regarding the "dilution rates" of cases handled by the division.
Watchstone denied that there was any fraud on its part and that any representations it made regarding the transaction "were honest statements of opinion as to what could happen in the future."
In a counterclaim lodged last year, Watchstone argued that Slater and Gordon and its investment bank Greenhill—which advised the firm on its purchase but is not a defendant in the case—"established a 'back-channel' with PwC, Quindell's trusted adviser, by a series of secret meetings … at which it unlawfully obtained information pertaining to Quindell which was, and which it knew to be, confidential".
Slater and Gordon was the first law firm in the world to list on the share market in 2007.
READ MORE:
Slater and Gordon to sue over Quindell acquisition
Slater & Gordon Hit By Claims of Conspiracy and Breach of Confidence in £637M Dispute
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