Shine's FY profit down 26.6%
Shine Corporate's full-year profit is down 26.6 per cent to $14.03 million following a previously announced impairment charge against the legal services company's land, energy and resources practice, which has not recovered as anticipated.
An increase in business activity for this sector has been forecast for FY20 driven by major infrastructure and mining projects including Adani, while chief executive Simon Morrison says this year's results are in accordance with guidance.
"The group has made good progress and remains on track to achieve its long-term strategy to expand its capabilities and set a platform for growth," Mr Morrison said on Wednesday.
Total revenue for the 12 months to June 30 is down 0.8 per cent to $177.9 million, while the law firm has declared an unfranked final dividend up 0.25 cents from the prior corresponding period to 2.50 cents.
Net profit for the company, excluding the $5 million impairment charge, was down 0.4 per cent to $19.03 million.
Over the year the company focused on expanding its class action presence in NSW, employing lawyers with significant commercial litigation experience, while growing its family law practice through the acquisition of majority interest in Perth-based Carr & Co Divorce and Family Lawyers.
Shine expects a 10 per cent increase in underlying earnings for FY20.
SHINE CORPORATE FY19 RESULTS
* Total revenue down 0.8pct to $177.9m
* Net profit down 26.6pct to $14.03m
* Unfranked final dividend up 0.25 cents from the previous year to 2.50 cents.
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