RBG Holdings PLC Trading & Market Guidance Update (1583B)
06 October 2020 - 5:00PM
UK Regulatory
TIDMRBGP
RNS Number : 1583B
RBG Holdings PLC
06 October 2020
6 October 2020
RBG Holdings plc
("the Group")
Trading & Market Guidance Update
RBG Holdings plc (AIM: RBGP), the professional services group,
today publishes an update on trading, alongside the reinstatement
of guidance for the expected financial performance of the Group for
the full year to 31 December 2020.
Following the publication of the Group's interim results for six
months to 30 June 2020 on 16 September 2020, the Group's law firm,
Rosenblatt Limited ("RBL") has continued to trade well with case
value and volumes remaining significantly ahead year-on-year.
As reported at the time of the interim results, this positive
performance was partially offset by the lack of litigation
investment sales in the Group's newly formed litigation finance
business, LionFish Litigation Finance (UK) Limited ("LionFish").
There was also a lower than expected contribution from Convex
Capital Limited ("Convex Capital"), due to Covid-19. The pandemic
resulted in a substantial portion of Convex Capital's M&A
pipeline being delayed until the second half of FY20.
The Board is now able to report that Convex Capital has since
supported the sale of Nutravet, a fast-growing animal healthcare
company, for which it received a fee in excess of GBP1.2 million.
Furthermore, LionFish has now concluded the realisation of two of
its investment assets for a total of GBP1.1 million. The Board
remain encouraged by the growing pipeline of opportunities across
all divisions.
The completion of the transaction by Convex Capital and the
realisation of litigation investments by LionFish as well as having
completed nine months of trading gives the Board improved
visibility of the financial performance of the Group for the year
as a whole. Accordingly, the Board is in a position to reinstate
guidance for the year to 31 December 2020. Based on management's
current forecasts, the Board now expects Group revenue and realised
gains to be between GBP24 million and GBP26 million (2019: GBP23.7
million).
Given the continuing uncertainty over Covid-19 and its possible
impact on the higher-margin businesses within the Group, the Board
will make a decision regarding the payment of an interim dividend
when it has further visibility on the year-end position.
Enquiries:
RBG Holdings plc Via Newgate Communications
Nicola Foulston, CEO
N+1 Singer (Nomad and Broker) Tel: +44 (0)20 7496 3000
Shaun Dobson / Alex Bond (Corporate
Finance)
Tom Salvesen (Corporate Broking)
Newgate Communications (for media Tel: +44 (0)7540 106366;
enquiries) rbg@newgatecomms.com
Robin Tozer/Tom Carnegie
About RBG Holdings plc
RBG Holdings plc is a professional services group, which
includes one of the UK's pioneering law firms, Rosenblatt Limited
("RBL"), which is a leader in dispute resolution.
RBL provides a range of legal services to its diversified client
base, which includes companies, banks, entrepreneurs and
individuals. Complementing this is the Company's increasingly
international footprint, advising on complex cross-jurisdictional
matters. RBL's practice areas include dispute resolution, financial
crime, corporate, banking and finance, insolvency and financial
restructuring, construction and projects, employment, financial
services, IP/technology/media, real estate, regulatory and tax
resolution.
The Group also provides litigation finance in selected cases
through a separate arm, LionFish Litigation Finance (UK) Ltd.
LionFish finances litigation matters being run by other solicitors
in return for a significant return on the outcome of those cases.
As such, the Group has two types of litigation investments - RBL's
own client matters, and litigation matters run by third-party
solicitors. LionFish is positioned to be a unique, alternative
provider to the traditional litigation funders.
The Group also owns Convex Capital Limited, a specialist
sell-side corporate finance boutique, based in Manchester. Convex
is entirely focussed on helping companies, particularly
owner-managed and entrepreneurial businesses, realise their value
through sales to large corporates. Convex identifies and
proactively targets firms that it believes represent attractive
acquisition opportunities.
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