Slater and Gordon shares clawing back

Runners in an ultra-marathon race in Death Valley National Park, California. David McNew/Getty Images

Slater and Gordon shares, which has lost three-quarters of their value in a week, came back today.

At the close, the shares were up 34% to $0.925, better than Friday’s close of 69 cents but a long way from the year high of $8.

The law firm was punished by investors after the British government last week announced proposals to limit compensation for road accidents, a big part of Slater and Gordon’s business in UK.

However, today Slater and Gordon released a statement reaffirming its 2016 financial year guidance of $1.15 billion in fee revenue and $205 million in earnings.

The company says it’s difficult to assess the impact of any changes to the law relating to road traffic accident whiplash cases because there’s so little information available.

And the the full impact of any changes may well not have effect during the course of the 2017 financial year.

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