Slater & Gordon Ltd
(ASX:SGH) has suffered a $1 billion loss last financial year. In comparison, the embattled law firm earned $62.4 million profit in FY15. The law firm’s shares have lost over 90% of its value since April last year.
Slater & Gordon says its profit was affected by a number of factors – for example, the poor performance of its UK business, and the impact of the British government announcing upcoming changes to road traffic accident compensation laws.
This $1 billion loss was substantially due to an impairment charge of $879.5 million against the firm’s goodwill.
The firm’s board of directors has also been shaken up, with the departure of three directors.
Slater & Gordon has decided not to pay a dividend for the full financial year.
