Slater & Gordon braces for A$1bn loss
Slater & Gordon has alerted shareholders that the firm anticipates a loss of more than A$1bn in the 2015/16 financial year, following its A$958.3m loss for the first half of the year. The loss may be partly attributable to Slater & Gordon’s acquisition of Quindell, which prompted an investigation by the Serious Fraud Office regarding potential overstatement of Quindell’s profits in 2014.
According to group managing director Andrew Gresch, Slater & Gordon recently launched a performance improvement programme for its UK business, which he expects to turn around the firm’s performance in the coming financial year. The firm will release final audited financial results for the 2015/16 year on 30 August.