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Shine Reports Net Profit Growth of 37.8%

Shine Reports Net Profit Growth of 37.8%
Aug 28, 2015 By Tim Morris

Legal services firm, Shine Corporate Limited (ASX:SHJ) reported its full FY15 results. The company reported strong results and in line with expectations.

The firm reported revenue growth of 30.4 per cent to $150.6 million. Normalised EBITDA came in at $45.4 million, up 32.7 per cent and normalised NPAT gained 37.8 per cent to $30.6 million. Full year dividends equate to 3.75 cents per share, up 7.1 per cent on the pcp, and earnings per share growth of 20.3 per cent to 17.2 cents per share. According to MD, Simon Morrison, the performance in FY15 reflects organic growth as well as contributions from emerging practice areas and acquisitions.

Key achievements for the company during FY15 includes normalised EBITDA margins of 30.1 per cent, up from 29.6 in the pcp. Emerging Practice Area’s growth of 90.8 per cent to $33.7 million and FY15 acquisitions completed and performing to expectations.

Mr. Morrison commented that as the plaintiff litigation market continues to consolidate, Shine will continue to identify opportunities for growth by acquisition as well as opportunities for growth in emerging practice areas and organically. Shine will continue to seek acquisitions that are culturally aligned, are well managed, optimise potential synergies and are consistent with strategy to diversify both geographically and sectorally.

Looking into FY16, Shine has provided EBITDA guidance of $52 - $56 million. The company’s share price has declined significantly since its peak in May, however this is largely due to a market wide decline. Whilst results today were strong, they are in-line with expectations and are unlikely to significantly affect the share price.

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Tim Morris Author: Tim Morris Aug 28, 2015

Having studied Commerce and Science at the University of New South Wales, Tim began his career in an analytical capacity with Wise-owl. Tim has conducted over 500 corporate valuations and appraisals, specialising in pre revenue assets and emerging markets. For the last five years, his Equity Capital Market insights have been featured as part of a weekly column in The Australian and regularly features on Sky News, CNBC, ABC and Bloomberg TV.

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