Home' Slater and Gordon Annual Report : Slater and Gordon AR 2015 Contents 23
Annual Report 2015 Slater and Gordon Limited
Slater and Gordon Limited
The directors present their report, together with the financial report of the consolidated entity consisting of Slater and
Gordon Limited (“the Company”) and its controlled entities (jointly referred to as “the Group”), for the financial year ended
30 June 2015 and the auditor’s report thereon. This financial report has been prepared in accordance with Australian
Accounting Standards. Compliance with Australian Accounting Standards ensures compliance with International
Financial Reporting Standards (“IFRS”).
The directors in office at any time during the financial year and up to the date of this report are:
John Skippen – Chair
Andrew Grech – Group Managing Director
Ken Fowlie – Managing Director (UK & Europe)
Details of the skills, experience, expertise and special responsibilities of each director are set out in a subsequent section
of this report.
The principal activity of the Group during the financial year was the operation of legal practices in Australia and the
United Kingdom (“UK”). Following the acquisition of various business assets from Quindell Plc on 29 May 2015 which
have now been rebranded as Slater Gordon Solutions (“SGS”), activities have expanded to include other services
complementary to the processing and resolution of personal injury claims in the UK. Full details of the activities of SGS
are separately disclosed in the Directors’ Report.
The profit after income tax of the Group was $83.8 million (2014 restated: $68.2 million).
Review of Operations
The Group continued to deliver strong financial results during the year ended 30 June 2015, at the same time making
solid progress against key strategic priorities, in particular the expansion of its UK operations.
The Group ended the year with total revenue of $627.3 million (2014 restated: $438.2 million) and net profit after tax of
$83.8 million (2014 restated: $68.2 million). The full year dividend was up 12.5% over the prior year to 9.0 cents per
share partially franked at 40% (2014: 8.0 cents per share fully franked).
The Australian business completed the acquisitions of Nowicki Carbone, a personal injury law practice based in Victoria,
and Schultz Toomey O’Brien, a consumer law practice in Queensland, on 31 October 2014, which continue to reinforce
the growth of the Group as the leader in consumer law in Australia.
Legislation in South Australia changed with effect from 1 July 2014 to allow for incorporated legal practices to operate in
South Australia. As a consequence, the Adelaide practice was transferred from Andrew Grech trading as Slater and
Gordon Lawyers to the Company for the value of the practice’s net assets on 30 September 2014. The net asset value
was fully offset by amounts owed to the Company pursuant to the service and license agreement between the Company
and Andrew Grech.
During the financial year, the UK business devoted significant focus to consolidate the acquisitions completed during the
course of FY14 into the existing operations, an exercise that involved both a relocation of the practices formerly known
as Russell Jones and Walker and Pannone to one office in Manchester with the staff from the firm, formerly known as
Fentons, to relocate shortly. The transition of the entities acquired prior to FY15 onto one Practice Management System
and Case Management System, was substantially completed during the year. In addition to the acquisition of Walker
Smith Way and Leo Abse Cohen in April and May 2015 respectively, the Group also completed the acquisition of SGS.
The principal activities of SGS are:
First notification of loss (“FNOL”) services for various partner organisations, including insurance brokers, insurers,
motoring organisations and vehicle manufacturers. These services include the facilitation of vehicle retrieval,
repair and replacement vehicle hire for not at fault drivers;
Conducting claims on behalf of not at fault parties to road traffic accidents (“RTA”), including credit hire, repair and
personal injury claims.
Links Archive Slater and Gordon AR 2014 Slater and Gordon AR 2016 Navigation Previous Page Next Page