Slater and Gordon suspends trading ahead of profit announcement

Topics: Alternative business structures,Financial results

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Listed Australian firm Slater and Gordon has requested a suspension in share trading ahead of a major financial announcement next week.

The voluntary suspension was announced on the Australian stock exchange this morning, pending the publication of financial results for the last six months of 2015, due out on Monday.


The company, listed as Slater and Gordon Holdings (SGH) said ‘certain material items’ in the half-year results are not yet finalised, including testing and assessment of ‘goodwill values’ in the UK market.

The announcement said: ‘SGH continues to work with its auditors and external advisers to finalise and confirm those material items, and is not in a position to make an announcement until that work is concluded.

‘SGH considers it appropriate that it enters into voluntary suspension so that it can manage its continuous disclosure obligations in the above matters and to avoid trading in its shares happening on a basis that is not reasonably informed.’

The half-year results have been eagerly awaited since December when the firm downgraded profit forecasts after experiencing slower case resolutions than expected. Slater and Gordon was also considering writing down the book value of its UK business after the government announced potential reforms to the personal injury market.

The firm, which claims to be the best-known law firm brand in the UK, maintained it had more than A$100m (£51m) ‘headroom’ in its banking facilities.

Two Australian firms, Maurice Blackburn Lawyers and ACA Lawyers, have already said they are considering class actions on behalf of Slater and Gordon shareholders.

The share price fell around 90% during 2015 and, despite some signs of recovery, closed this morning at A$0.83, almost the same value as at the turn of the year.

Readers' comments (174)

  • Can anyone explain what "‘certain material items’ in the half-year results are not yet finalised, including testing and assessment of ‘goodwill values’ in the UK market." actually means.

    Maybe - we haven't finished counting up how many hopeless Hearing Claims we purchased from Quindell...?

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  • What's that Skippy Skilppy I can't hear you . . . . . does that mean I've got a NIHL claim?

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  • As a member of staff in Manchester the rumour mill is in overdrive, apparently we are being told something on Friday... Friday is always a bad sign. It's really bad, three good firms messed up by S&G.

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  • Peter, you have my sympathy.

    I've survived one firesale (Halliwells) and despite the schadenfreude at the demise of Quindell and S+G that many will enjoy we should not forget that there will be a lot of thoroughly decent people who have been or will be utterly shafted by the greed and short sighted follow of a few.

    If the S+G flotilla is about to hit the rocks let's hope the write down is near 100% so that there's enough in it for there to be an economic case to purchase (with the client's consent) what's there.

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  • Peter, dear chap, find a lifeboat! Mourn the death of some once proud, once successful, once brilliant firms from a safe distance.

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  • They shall grow not old, as we that are left grow old:
    Age shall not weary them, nor the years condemn.
    At the going down of the sun and in the morning,
    We will remember them.

    They mingle not with their laughing comrades again;
    They sit no more at familiar tables of home;
    They have no lot in our labour of the day-time;
    They sleep beyond England's foam.

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  • I personally hope people have the sensitivity not to gloat in the comments section if it is redundancy - S&G employees will be reading it and it is not their fault S&G bought Quindell.

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  • As a Slater & Gordon employee I must state that it's absolutely fantastic reading about my own firm in the papers and not being told anything by anyone from management! I must say it really helps keep us staff from worrying!!! Ridiculous. Will obviously be glued to the papers Friday for the announcement then!

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  • @Anonymous 01:44

    I suspect there will be and probably some blogs too. I find it all very distasteful.

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  • Peter and Anon 1.52 all I can suggest is that you start preparing now for the s..t to hit the fan on Friday. But don't forget Facenda Chicken v. Fowler on client contact information, although even that case didn't say you could not take with you what you can remember.

    There will be better times ahead. Think of the lousy clients you can leave behind for a start not to mention some colleagues. And a lot of your good clients will follow you anyway. Chance for a fresh start I would say. TGF takes on a whole new meaning. Mind you it seems as if the word 'management' has a whole new meaning too.

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