SHINE GLEAMS WITH PROFIT RESULT
Written on the 27 February 2015
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.