Slater & Gordon has confirmed an A$1.02bn loss for the 2015/2016 financial year, despite 51.8 per cent hike in turnover from A$598m to A$908m. The announcement of the results comes less than a week after the firm revealed that it expected to add an additional $59.3m second-half loss to the colossal A$958.3m first-half loss it disclosed in last December. The bulk of the loss stems from an ‘impairment of goodwill’ caused by the firm’s acquisition of Quindell’s professional services arm. ‘The impairment charge was disappointing but necessary due to the poorer than expected UK performance to date and increased risk associated with potential UK legislative change,’ said the firm’s accounts, citing ‘lower case resolutions from a disproportionately high cost base in Slater & Gordon Lawyers UK’ and ‘significant non-recurring restructuring costs’ as two of the heaviest weights dragging down UK performance.

Evans departs

A spokesperson for Slater & Gordon has confirmed that former UK boss Cath Evans left the firm earlier this year amid a restructure of the troubled UK arm. ‘Cath Evans departed the UK in March to return home to Australia. After returning to Australia, Cath decided to leave the business, taking effect back on 30 June,’ said the spokesperson. So far, Slater & Gordon’s efforts to rewire its business in the UK has seen the closure of offices in Halifax, Derby, Failsworth and Bristol, and ‘reorganisation’ of its operations in Aston, Sheffield and Fareham.

Sources: The Lawyer; Legal Week