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.

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