We have published our 2022 Annual Report

Today we published our Annual Report for 2022.

In 2022, from continuing operations, our revenue was £150.5m, an increase of 60.3% from the previous year. Adjusted EBITDA was £59.7m, compared with £5.1m in 2021. Operating profit was £31.8m against a loss of £8.2m in 2021.

The results were underpinned by the following significant developments:

• An out-of-court settlement with Volkswagen finalised for around 70,000 clients concluding the long-running Diesel emissions case;
• Significant strides made in consolidating services to focus on higher-value, more complex cases on behalf of clients
• This was supported by an agreement entered into with Carpenters Limited (Carpenters) in June 2023 to transfer a significant component of our Small Claims Track (“SCT”) cases;
• The sale of independent financial advisory business, Adroit, to Brooks Macdonald as part of our strategic focus on legal services;
• The exit from the Manchester office lease at 58 Mosely Street enabling a move to new Manchester premises in support of our hybrid working policy;
• Simplification of the group’s balance sheet comprising full repayment of all shareholder loans, and the repurchase of shares from various minority shareholders.

Subsequent to the 2022 year end, in August 2023 we further enhanced our longer-term funding by entering into a five-year committed facility with Harbour, one of the leading providers of financing to the legal sector.

Slater and Gordon CEO, Nils Stoesser, said: “2022 was a successful year for the group mostly attributable to the exceptional expert talent we have working at Slater and Gordon. Alongside the significant case successes achieved on behalf of our clients, we made important strides in strengthening our financial position and investing in our infrastructure.

“This means that we are better placed than ever to fight for our clients, provide access to justice, and deliver expert advice and support for those who need it most.”

You can read the report, in full, here.