Slater and Gordon Limited
(ASX:SGH) has reported a net loss of $958 million after a huge write down of its UK assets.
The law firm slashed the value of the recently acquired services division of Quindell by $814 million and says it will close certain sites in the UK and cut staff numbers there.
The company says it still believes in the future of the UK business and its ability to generate future earnings. Revenues for the half year jumped 82 per cent to $487.5 million.
The company’s shares have been in voluntary suspensions as it determined how much of its UK acquisition it needed to write off with a review by ASIC now also complete.
Slater and Gordon declined to pay a dividend.
