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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Rbg Holdings Plc | LSE:RBGP | London | Ordinary Share | GB00BFM6WL52 | ORD GBP0.002 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.50 | 9.00 | 10.00 | 9.50 | 9.50 | 9.50 | 20,574 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Business Services, Nec | 44.13M | -23.92M | -0.1859 | -0.51 | 12.22M |
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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(END) Dow Jones Newswires
October 06, 2020 02:00 ET (06:00 GMT)
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