Trading and Dividend Update

RNS Number : 4545H

Rosenblatt Group PLC

01 August 2019

 

1 August 2019

Rosenblatt Group plc

("Rosenblatt", the "Company" or the "Group")
 

Trading and Dividend Update
 

Rosenblatt Group plc (AIM: RBGP), the professional services group, is pleased to announce the following trading update ahead of the publication of its interim results for the six months ended 30 June 2019 on 25 September 2019.

The Group is performing well and delivering year on year growth at high net margins. The Group's financial year is typically second-half weighted and it is expected that marginally more revenue will be recognised in the second half of the year. The Group expects to report full-year results in line with market expectations.

In terms of the Group's divisional performance, the trends reported at the time of the Company's full-year results for the year ended 31 December 2018 have continued.

The Group's main practice areas, which are focused on contentious law, namely Dispute Resolution and Employment, have continued to perform well. The number of litigation cases that the Group is working on is growing, especially those undertaken on a contingent basis, from which the Group can receive a high rate of return if successful.

As previously flagged, the Corporate division, which is focused on commercial transactions, remains impacted by the cautious business environment in part caused by Brexit uncertainty. When this uncertainty clears, the indications are that there will be an increase in the volume of transactions, which have been delayed, including M&A from which the Group will benefit.

The Group continues to make progress in terms of establishing its litigation funding arm. There are currently four cases under consideration for funding and seven in progress. The Group has started to successfully realise revenues from the sale of partial participation rights in its litigation assets to third parties as part of the Board's policy of generating returns from these assets while limiting its risk exposure to individual cases.

At the interim results, the Group expects to update investors on the accounting methodology that will be used to account for these cases on the balance sheet.

The Company's balance sheet remains strong.  In line with the Group's dividend policy, the Company intends to pay an interim dividend for the six months to 30 June 2019 of 2p per share. This sum will be formally announced on 25 September 2019 and will be paid to shareholders on the register as at 4 October 2019.

Enquiries:

Rosenblatt Group plc Nicola Foulston, CEO	Via Newgate Communications
Stifel (Nominated Adviser and Broker)	Tel: [phone]
Gareth Hunt Stewart Wallace (QE) Tom Marsh
Newgate Communications (for media enquiries) Robin Tozer/Fiona Norman	Tel: [phone]; [e-mail]

About Rosenblatt Group plc

Rosenblatt Group plc is a professional services group, which includes one of the UK's leading dispute resolution practices. It provides a range of legal services to its diversified client base, which includes companies, banks, entrepreneurs and individuals. Complementing this is the Group's increasingly international footprint, advising on complex cross-jurisdictional cases in China, Israel, America and India. Rosenblatt's practice areas include dispute resolution, corporate, banking and finance, insolvency and financial restructuring, construction and projects, employment, financial services, IP/technology/media, real estate, regulatory and tax resolution.

 

END

 

 

MSCDMGFNVMDGLZM