Slater and Gordon shares are being hammered again

Photo: Oli Scarff/Getty Images

Shares in Slater and Gordon fell heavily again today after it told the market it was still reviewing its cash flow.

A short time ago, the shares were down more than 13% to $0.637. The shares are down from a high of $8 last year.

In late December, the law firm said would in January provide an update on its gross operating cash flow for the six months to the end of December.

However, today the company said it continues to work with its auditors and advisors to finalise half-year results including statutory gross operating cash flow. Financial results are due to be released on February 29.

Slater and Gordon shares have been on a slide since the company abandoned its profit guidance after problems with its UK business.

The law firm lost $2 billion in market capitalisation in 2015 and hundreds of millions since the British government in November announced proposals to limit compensation for road accidents.

Bryce Houghton, the newly appointed CFO at Slater and Gordon, is reviewing the company’s financial forecasting.

“The company advises that this process is proceeding as planned,” it said in a market update today. “In the course of this process the company is considering its expectations for operating performance and cash flows for the balance of this financial year.”

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