25th Sep 2019 11:29
(Alliance News) - Legal services firm RBG Holdings PLC on Wednesday reported solid progress in its first half, despite a tough operating environment.
RBG used to be called Rosenblatt Group, changing its name earlier in September following the GBP22 million acquisition of sell-side corporate finance firm Convex Capital.
The company posted a pretax profit of GBP3.2 million for the six months to June, 12% higher year-on-year, on the back of 12% revenue growth to GBP10.2 million.
RBG is paying a 2 pence interim dividend. It did not pay one at the same time a year ago, but said Wednesday it will consider special dividends at each half-year and full-year close, though these will be unpredictable.
The firm said it is performing well overall, and added performance is usually weighted to the second half of the year. The main business, Dispute Resolution & Employment, did well, and RBG is also pleased with the performance of Litigation Finance.
"The first six months have seen financial and operational progress, in what has been a challenging economic environment. We continue to see double-digit growth in our revenue, and importantly, we are maintaining high net margins on the work we do," said Chief Executive Nicola Foulston.
"In September, we increased the areas in which we can support our clients with the launch of our new White Collar Fraud and Financial Crime division."
"It is important to note our growth prospects are not just dependant on litigation finance and M&A. We can generate traditional legal service revenues from contentious work at attractive margins," she continued.
"Looking ahead, we are excited by the prospects of the business, especially as the market improves, and as we grow and broaden the professional services, we can provide to clients."
Shares were down 2.4% in morning trade in London on Wednesday at 100.00 pence each.
By George Collard; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Rbg Holdings