Shine Corporate doubles profit on digital strategy
Written on the 1 March 2018 by Ben Hall
Listed legal services company Shine Corporate (ASX: SHJ) has doubled its first half net profit to $7.83 million as it pointed to its "improved digital strategy" for the results.
The company also increased revenue by nearly 20 per cent to $88.23 million for the six months to December 31, 2017, compared to the prior corresponding period.
"We are pleased with the progress made in our first half. The positive momentum has continued through the strong efforts of the team to improve our business and client experience," says managing director Simon Morrison.
"Shine is a stronger business than it was a year ago and has continued to invest in specialist skills to provide leadership and organisational capability.
"The implementation of our systems transformation and improved digital strategy provide a strong foundation to leverage new opportunities. We are satisfied with the results to date, but there is more to be done during the next phase of our growth and transformation."
The company also reported earnings before interest, tax, depreciation and amortisation (EBITDA) of $16.48 million compared with $10.19 million in the prior corresponding period.
Shine Corporate has reaffirmed the expectation of a modest increase in EBITDA for the full year over the result for FY17. The board declared an interim dividend of one cent per share (fully franked).
Shine Corporate was listed on the ASX in 2013. It began as a single branch 40 years ago and now employs more than 850 people in its 48 branches.
Business News Australia
Author: Ben Hall