SHINE GLEAMS WITH PROFIT RESULT

SHINE GLEAMS WITH PROFIT RESULT

A SLEW of acquisitions have contributed to Shine Corporate Limited's (ASX:SHJ) healthy bottom line in the December half.

The legal services company posted a normalised net profit after tax of $14.1 million, up 24 per cent from $11.4 million in the previous corresponding period.

Revenue was up 29 per cent to $73.1 million, while earnings before interest tax depreciation and amortisation was $22 million compared to $17.7 million in the previous half.

Shine managing director Simon Morrison says he was pleased with the strong earnings growth in the first half.

"Both organic growth and acquisitions have contributed to the strong performance in FY15 H1 and the results are in line with our expectations," Morrison says.

The company acquired Emanate Legal Services Pty Ltd, Stephen Browne Personal Injury Lawyers, Sciacca's Lawyers Pty Ltd and Sciacca's Family Lawyers in 2014 effectively taking control from July 1.

As a result, emerging practice areas revenue lifted 68 per cent to $14.6 million.

Morrison says the key area of focus in the second half would be growth strategies and streamlining operations to improve cost efficiency.

Expected guidance has been reaffirmed to be in the range of $42.5 million and $47 million.

SHJ will pay an unfranked interim dividend of two cents per share on April 10.

Get our daily business news

Sign up to our free email news updates.

 
Whitefox Recruitment founder Luke Hemmings making strides as a careers leader
Partner Content
After relocating his Canberra-founded company Whitefox Recruitment to the Gold Coast la...
Whitefox Recruitment
Advertisement

Related Stories

ASIC secures its first court win for greenwashing against US giant Vanguard

ASIC secures its first court win for greenwashing against US giant Vanguard

The Australian corporate watchdog has caught out one of the world&r...

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Australian-founded medicinal cannabis company Althea Group (ASX: AG...

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Listed funds manager 360 Capital Group (ASX: TGP) has offloaded its...

The party’s over: Splendour in the Grass festival cancelled for 2024

The party’s over: Splendour in the Grass festival cancelled for 2024

Splendour in the Grass, Australia’s largest winter music fest...