18th Sep 2018 09:55
LONDON (Alliance News) - Law firm Rosenblatt Group PLC said Tuesday it has made a strong start to life as a public company, having joined the London Stock Exchange in early May.
For the 8 weeks to June 30, Rosenblatt's revenue was GBP3.0 million, compared to GBP2.6 million for the same period a year before.
Adjusted pretax profit was GBP950,000 from GBP800,000, though on a reported basis Rosenblatt posted a pretax loss of GBP21,790 for the period with no comparable given.
Rosenblatt's balance sheet is "strong", the company said, with net assets of GBP32.7 million and cash and cash equivalents of GBP11.8 million.
The company also Tuesday launched a new subsidiary, Rosenblatt Litigation Funding Ltd, to fund external litigation cost. Rosenblatt had planned this in its admission document, but the move has been made ahead of schedule.
Looking ahead, Rosenblatt said the outlook for the legal sector is mixed due to Brexit, but it believes there is "increasing" demand for legal services.
Chief Executive Nicola Foulston said: "Our maiden results show Rosenblatt has made a strong start to life as a public company. Our current caseload and pipeline of new business remain healthy and consistent with what we expected at the time of our IPO in May.
"Looking ahead, the market for legal services is stable, despite a cautious UK business environment, with strong demand for litigation services, dispute resolution and third-party funding."
She added: "The group remains confident this will continue to be the case, regardless of any uncertainty caused by Brexit."
Shares were 8.2% lower on Tuesday as 96.00 pence each. This compares to its IPO price of 95p apiece.
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