Sorry about the format but copying from Commsec and pating on here leaves a lot to be desired: -AASB15 implementation project and in responding to ASIC.
Revenue & EBITDAW by Segment
Revenue(1)(A$m)
H1 FY16
A$m
H1 FY15
A$m
Variance
%
SGL Australia 139.3 113.5 22.7
SGL UK 117.5 109.1 7.7
SGS 239.3 - -
Group Revenue(1) 496.1 222.6 122.9
WIP movement (8.6) 6.3 (235.8)
Gain from bargain purchase - 38.8 -
Total Revenue 487.5 267.7 82.1
EBITDAW – Normalised (2)(A$m)
H1 FY16
A$m
H1 FY15
A$m
Variance
%
SGL Australia 16.4 14.2 15.4
SGL UK (10.2) 18.4 (155.3)
SGS (24.0) - -
Group (17.8) 32.6 (154.4)
(1) Excluding movement in WIP and prior year gain from bargain purchase.
(2) EBITDAW is defined as Earnings before interest, tax, depreciation, amortisation and movement in work in progress and is presented prior to
goodwill impairment. Normalised for AASB3 adjustments and additional debtor/disbursement provisioning.
SGL Australia
• SGL (Australia) is trading well with strong growth in net fees underpinned by performance in
Victoria. Overall the Personal Injury Law division remains on track.
• Key practices within the General Law division are growing in line with expectations. The Family
Law practice maintained its growth trajectory, particularly in Queensland and Victoria. The
Business & Specialised Litigation Services practice continued to build momentum across its
practice areas. Conveyancing volumes did not meet expectations for growth and performance
improvement initiatives will be implemented.
• Management continues to closely monitor staff and client satisfaction levels and to date there is
no evidence of any material change to either in the Australian business. Speculation about the
Company’s financial performance does not appear to be causing damage to its long standing
reputation as Australia’s leading consumer law firm.
• WIP was impacted by a decline in active files since 30 June 2015 with strong billings more than
offsetting case openings.
• This segment includes Group costs and A$3 million of one-off costs which were incurred on the
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