Slater and Gordon has posted an A$1 billion profit warning on the Australian Stock Exchange.
The bulk of the expected £586 million loss has been attributed to the first half of the financial year ended 30 June 2016, during which the firm registered an A$958 million (£552 million) deficit.
According to the firm’s managing director Andrew Grech, an A$59.3 million (£34 million) shortfall for the second half of the financial year was proof that Slater and Gordon had turned a corner following a disastrous 2015.
“Slater and Gordon’s FY16 performance is a story of two different halves. The results for the first half were extremely disappointing and well below expectations. In the second half we have take significant steps towards turning around the performance of the Uk business,” said Grech in a statement to the stock market.
“Whilst the UK performance improvement programme is still in its early stages, the second half results indicate that our efforts are beginning to bear fruit.”