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54.5¢ slater & gordon limited

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TechnicalsSayItAll

1,296 Posts.

29/02/16

09:12

Post #: 17139479
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Originally posted by yensog ↑

ASIC Queries
ASIC today confirmed that it has now discontinued its inquiries in relation to the Company’s
financial reports for the years ended 30 June 2014 and 30 June 2015.
Group Managing Director’s Commentary
Slater and Gordon Group Managing Director Andrew Grech said: “Clearly today’s results are very
disappointing. In particular the decline in business performance in the UK is of serious concern to
all at Slater and Gordon and equally will be of concern to our investors. We will therefore be taking
a number of necessary and significant steps to improve the operational performance of both the UK
business and the broader Slater and Gordon Group. Recent developments and initiatives include:
• Completion of a strategic review of our UK operations and implementation of a performance
improvement programme including a major reorganisation which is intended to improve the
productivity of the UK business;
• Business process changes to improve the performance of the case management system in SGL
UK;
• Actively engaging with insurers as both business partners in the SGS Motor services business,
and as counterparties, with the shared goal of reducing frictional costs and delay in claims
management and resolution;
• Changes to screening policy and reductions in client to staff member ratios in SGS to drive
improvements in case progression and resolution;
• Reviewing all opportunities to reduce debt levels over the short to medium term;
• Appointment of a new non-executive Director and Chair of the Audit, Compliance & Risk
Management Committee and a new Group CFO;
• A strengthening of the finance function at both Group level and within the UK; and
• Driving operational effectiveness initiatives in Australia.
“We have made some tough but necessary decisions to establish a clear pathway for the future.
We are continuing to daily serve thousands of clients in the UK and Australia and this underpins our
confidence in the prospects for the Group. Our primary management focus now is on reinforcing
the financial position of the Group and improving the operational performance of the UK business.
“It is important that we also continue to support the strong performance and growth of our
Australian business, which continues to thrive. Our 1,400 people across 72 offices are handling
around 40,000 clients and continuing to deliver for them. We’re dealing with more than 10,000 new
client enquiries every month. We continue to see opportunities for growth in Personal Injury Law
and General Law in Australia both organically and from a renewed focus on operating effectiveness
initiatives.”

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Party time longs. party time.
load up the truck if u have not. why.
Amazing so there is net profit of 84 MILN if goodwill impairment 876 miln was not there. Add to that one off scenarios and one off expnss, there would have been profit above 100 million.
Gr8.
My target of 15-18 dollars stays.

SGH Price at posting: 83.0¢ Sentiment: Buy Disclosure: Held
4 Upvote

0 Great analysis

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