Slater & Gordon has announced a $1.02 billion full-year loss as the embattled law firm attempts to work its way out of trouble following last year's disastrous UK acquisition.

The loss was a result of a $876.5 million impairment on the goodwill of its United Kingdom assets, which was recognised in the first half.

The company said that a "disappointing" half year in which it posted a $58.3 million normalised loss was followed by a better second half in which its posted an $8 million profit.

That resulted in full-year normalised profit of $49.7 million as measured by its earnings before tax depreciation, amortisation and movements in work in progress, or" EBITDAW".