Slater and Gordon shares are on a tear

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Slater and Gordon shares soared after the law firm announced a 7.7% rise in full year profit to $70.7 million.

Revenue was up 27% to $521.9 million. The company declared a final dividend of 5.5 cents a share, franked to 40%.

The company is positioning itself as the leading personal injury law group in the UK. The result excludes the one-month impact of the law firm’s $1.2 billion purchase of Quindells Professional Services Division in the UK.

“We now have a commanding market share lead in both Australia and the UK,” says managing director Andrew Grech.

“Free from the demands of near term acquisition activity, we will be able to focus our efforts on continuing to improve operating effectiveness.”

Slater and Gordon says it’s cooperating with the corporate watchdog ASIC on its review of the company’s accounting. The company has since reclassified certain balance sheet items.

A short time ago, the law firm’s shares were up more than 8% to $3.20.

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