SHINE ACQUISITIONS PAY OFF IN HALF-YEAR RESULTS
Written on the 26 February 2014
SHINE Corporate Ltd (ASX:SHJ) has seen a 16 per cent increase in revenue to $56.7 million in its half-year financial results.
The legal company recorded earnings before interest, taxes, depreciation and amortization (EBITDA) of $17.7 million, increasing 42 per cent from the previous corresponding period.
Managing director Simon Morrison (pictured) says a number of factors contributed to growth, including cost control and driving the group’s personal injury practice.
“These pleasing results are due to the contribution of past acquisitions and continued organic growth, especially in emerging practice areas, with the margin improvement also attributable to efforts to control overheads,” he says.
Morrison says they will continue to focus on strategic acquisitions, refine business processes and growing emerging practice areas in the second half of the year.
The profit forecast for FY14 EBITDA is expected to reach between $34 million and $37 million, in comparison to the initial public offering prediction of $33 million.
“We continue to be positive in relation to the second half of FY14 and are confident that maintaining our strategy will enable us to meet this forecast for FY14.”
SHJ will pay an unfranked interim dividend of $1.75 per share on April 9.
Shares are trading up 5.49 per cent at $1.92.