16 August 2019
Slater and Gordon Turns Profit in Successful Year of Stabilisation and Restructuring
Slater and Gordon UK today reports its first year of profitability after a successful period of stabilisation, restructuring and strategic investment.
The business, under the leadership of Chief Executive Officer David Whitmore, generated revenues of £222.7m and achieved an adjusted EBITDA of £1m in 2018, its first year of independence following its separation from the former Australian parent company[i].
The success has been maintained into 2019, as the business continues to grow in strength and profitability under a new leadership team and as it invests in new technologies to digitalise legal services and focuses on delivering excellence in customer care.
“In the last 18 months we have strengthened the leadership team, bringing in a wealth of experience and skills from inside and outside of the legal sector. This mix of talents and expertise will enable our business to continue growing to meet the demands of our customers, partners and colleagues. It is an exciting time to be part of the business and we look forward to continuing to transform the way consumer legal services are delivered in this country.”
During 2018 and 2019, the Slater and Gordon UK Group made a series of significant hires to strengthen the management and directorship of the business.
Martyn Beauchamp joined as Chief Customer Officer, a new role to reflect the importance the business places on customers and their Slater and Gordon experience, while Yvonne Ferguson was appointed Chief Technology and Transformation Officer. Alison Wilford also joined as Chief Financial Officer, bringing wide-ranging experience of working for international brands, while Angus Eaton joined as Chief Risk Officer, following a career at Aviva as Strategy and Transformation Director.
It also saw the development of a People and Culture function within the Group, headed up by newly appointed Chief People Officer, Alicia Alinia.
David Whitmore added: “Our people and culture are critical to the success of Slater and Gordon. The right progressive culture provides a business with a clear competitive advantage. Our culture allows our people to thrive and ensures they deliver the right outcomes for our customers”.
Other highlights of the period of 2018 include:
- A 100% retention of contracts with existing partners
- An investment of £6.7 million in technology initiatives, as the first phase of a three-year multi million programme to enable the business to digitalise legal services and integrate onto a single case management platform
- The creation of a new team of data scientists who are providing fresh insight to better resource and plan for case outcomes, based on probability as well as experience
- Completion of the roll out Microsoft Managed Desktop – becoming the first business in the world to do so. The team now use Surface Pros, accessed via facial recognition, further enhancing data security and enabling a more flexible approach to working.
Slater and Gordon’s Strategic Report for 2018 can be viewed here.
[i]Adjusted EBITDA: The Group calculates adjusted EBITDA as operating profit before interest, tax, depreciation and amortisation and excludes non-recurring items. The Directors believe that adjusted EBITDA is the most appropriate approach for ascertaining the underlying trading performance and trends as it reflects the measures used internally by senior management for all discussions of performance.
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