30th Apr 2019 11:45
LONDON (Alliance News) - Law firm Rosenblatt Group PLC on Tuesday reported a slight dip in annual profit, though revenue growth was solid at 19% in a year in which it joined AIM.
Revenue rose to GBP12.5 million in 2018 from GBP10.5 million in 2017, but pretax profit fell 6.3% to GBP3.0 million from GBP3.2 million.
Rosenblatt declared a dividend of 2.8 pence for the last eight months of 2018, the time during which it was a listed company.
Rosenblatt said performance was strong financially, with revenue growth mainly driven organically.
Divisionally, Dispute Resolution and Employment both did well, and these two divisions make up the majority of revenue for Rosenblatt. Litigation Funding, set up in November, has five cases under consideration, and Rosenblatt is confident the division can do well.
"This has been an excellent start for Rosenblatt as a public company with annualised revenue and profit growth, as well as a strong balance sheet and no debt. As a business, we also focus on margin and productivity, which we believe differentiates us from our peers," said Chief Executive Nicola Foulston.
Rosenblatt joined AIM last May, raising GBP43 million in its initial public offering.
"In the year ahead, we expect to see continued strong organic growth driven by our dispute resolution practice," said Foulston.
"This growth will be despite the challenging economic environment caused by Brexit uncertainty, which has seen the pipeline of routine corporate and commercial transactions reduced. In addition to organic growth, we continue to see many M&A opportunities in the sector."
"We are committed to pursuing the right opportunities, which meet our investment criteria and provide shareholders with an appropriate return on investment," she concluded.
Shares were 1.0% higher on Tuesday morning at 100.00 pence each.
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