Australian law firm Slater & Gordon, which last year became the first legal practice to float on a stock exchange, reported a 56 per cent rise in half-year profits today.

Net profits after tax for the 12 months ending December 2007 were A$6.9 million ((£3.2 million), up from A$4.4 million in December 2006 when the firm was still run as a private partnership.

Slater & Gordon’s financial year runs from July 1 to June 30 and so today’s figures are for the half year ending December 31 2007.

Revenues from legal services rose 25 per cent to hit A$33.9 million at the end of 2007. Today the firm upped its estimate for full-year revenues (July 1 2007 to June 30 2008) to A$73.5 million.

Its interim dividend was held at 2 cents per share.

Slater & Gordon floated on the Australian Stock Exchange in May 21 2007 at A$1 per share. The shares soared 40 per cent to A$1.40 on the first day's trading valuing the firm A$133 million.

Its shares were trading at A$1.58 today.

The firm, which specialises in personal injury work, has acquired six rival legal practices since its floatation, including last month's takeover of personal injury and professional negligence practices of Quinn & Scattini Lawyers.

Its results are likely to be scrutinised by law firms in the UK, which were recently given permission to accept external investment or float on stock exchanges.

Explore Law

• Columnists

• Law Panel

• Law Reports

• Student Law

Times Recommends

• BGC 'set aside £40m to lure Tullett brokers'
• Legal aid review to ensure value
• Fears as 21 magistrates' courts face closure