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RNS Number : 5422N
RBG Holdings PLC
25 September 2019
 

25 September 2019

 

RBG Holdings plc (formerly Rosenblatt Group plc)

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

 

Unaudited Interim Results for the period ended 30 June 2019

 

RBG Holdings plc (AIM:RBGP), the professional services group (formerly Rosenblatt Group plc), is pleased to announce its unaudited results for the six months ended 30 June 2019.

 

Financial Highlights:

 

·    

Revenue of £10.2 million, up 11.7% (2018 adjusted: £9.13 million***), including first sale of a participation right in a damages-based agreement (DBA)

·    

EBITDA of £3.84 million, up 25.5% (2018 adjusted*: £3.06 million***)

·    

Profit before tax of £3.2 million, up 12.2% (2018 adjusted: £2.85 million***)

·    

Profit after tax of £2.5 million (2018 adjusted**: £2.28 million***)

·    

Balance sheet with net assets of £35.3 million, cash of £8.7 million and no debt

·    

Interim dividend of 2 pence per share

 

* Adjusted EBITDA in 2018 is defined as earnings before interest, tax, share-based payment expense, non-operating exceptional IPO costs, depreciation and amortisation. From 2019, EBITDA is defined as earnings before Interest, Tax, Depreciation and Amortisation

 

** Adjusted profit before tax is defined as earnings before tax, share-based payment expense, and non-operating exceptional IPO costs in 2018

 

*** To provide a relative comparison on trading, we have taken the two months of trading in 2018 following the IPO (May and June) and pro-rated for the half year

 

Operational Highlights:

 

Operational performance

·    

Main practice areas, which are focused on contentious law, namely Dispute Resolution and Employment, have performed well in the current market

·    

Dispute Resolution revenue was £6.3 million with an additional £1.4 million of contingent work not yet recognised reflecting our move into more contingent litigation. (2018 adjusted: £6.7 million*** and £0.28 million of contingent work)

·    

Corporate and Real Estate divisions have been impacted by the uncertain economic environment with revenues down 27% to £1.6 million (2018 adjusted: £2.1 million**)

 

Litigation Finance

 

·    

Successfully realised revenues from the sale of a partial participation right in a DBA, generating income of £2 million 

·    

Cash investment of £1.5 million in four cases in the period. In total, the Group has four cases in progress, and three under consideration for finance

·    

Conservative and prudent accounting approach -

 

1.   The provision of legal services is recognised under IFRS 15 when crystallised

2.   The provision of funding for third-party legal fees is recognised under IFRS 9

3.   Income from the sale of participation in a DBA is recognised in the period of sale

·    

All Litigation Assets will be carried at fair value; The judgment of management is that this is currently equal to cost, with only realised gains recorded

·    

Management will always be prudent in estimating the carrying value

 

M&A / Name Change

 

·          

Acquired Convex Capital Limited ("Convex") a specialist sell-side corporate finance boutique, based in Manchester, UK on 16 September 2019

·          

The acquisition is in line with the Group's strategy to diversify the Group beyond legal services and create opportunities for cross-referrals

·          

The total consideration for the acquisition, assuming all earn-out and deferred consideration payments are made is £22 million

·          

The Board expects the transaction to be immediately, and materially, earnings and value enhancing.

·          

To reflect the evolving nature of the Group, from primarily a provider of legal services, to a broader supplier of professional services, the name of the Company has been changed to RBG Holdings plc

 

Nicola Foulston, CEO, RBG Holdings plc, commented: "The first six months have seen financial and operational progress, in what has been a challenging economic environment. We continue to see double-digit growth in our revenue, and importantly, we are maintaining high net margins on the work we do. In September, we increased the areas in which we can support our clients with the launch of our new White Collar Fraud and Financial Crime division.

 

"We continue to implement the strategy outlined at the time of our IPO, including growing our litigation finance arm and pursuing M&A opportunities. We have a very prudent approach to litigation finance, including adopting a conservative accounting methodology. In addition, we de-risk our investments by selling on participation rights in the case to third parties which also generates revenue. We have reported the first of such sales today. 

 

"Earlier this month we acquired Convex, a specialist sell-side corporate finance boutique. The acquisition was in line with our approach to M&A. It helps diversify our revenue beyond legal services and creates the opportunity for cross-referrals of business.

 

"It is important to note that our growth prospects are not just dependant on litigation finance and M&A. We can generate traditional legal service revenues from contentious work at attractive margins. Looking ahead, we are excited by the prospects of the business, especially as the market improves, and as we grow and broaden the professional services, we can provide to clients."

 

Enquiries:

RBG Holdings plc

Nicola Foulston, CEO

 

 Via Newgate Communications

 

Stifel (Nominated Adviser and Broker)

Tel: +44 (0)20 7710 7600

Gareth Hunt

Stewart Wallace (QE)

Tom Marsh

 

 

Newgate Communications (for media enquiries)

Robin Tozer/Tom Carnegie

Tel: +44 (0)20 3757 6880; [email protected]

 

 

 

 

 

About RBG Holdings plc

RBG Holdings plc is a professional services group, which includes one of the UK's leading law firms, Rosenblatt Limited, which is a leader in dispute resolution.

 

Rosenblatt Limited 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. Rosenblatt Limited'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. The Group also provides litigation finance in selected cases through a separate arm.

 

The Group also owns Convex Capital Limited, a specialist sell-side corporate finance boutique, based in Manchester, UK. 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.

 

 

Chief Executive's Statement

Overview

Overall the Group is performing well and delivering year on year growth at high net margins in line with our strategy. 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, as is traditionally the case.

 

Revenue for the period was £10.2 million (2018 adjusted: £9.13 million***)  with gross margins of 62%. This is an exceptional performance when you consider revenue also grew in 2018.

 

EBITDA grew to £3.85 million (2018 adjusted: £3.06million***), with EBITDA margins of 37.5% that are above the high margins we aim to deliver. We target margins of around 35% or more.

 

The Group has a strong balance sheet with net assets of £35.3 million, cash of £8.7 million and no debt. Our balance sheet will support our growth plans, including acquisitions, continued investment in litigation finance opportunities, and the dividend.

 

Divisional performance

Our main practice areas, which are focused on contentious law, namely Dispute Resolution and Employment, have performed well in the current market. Revenue from Dispute Resolution in the period was £6.3 million with an additional £1.4 million of contingent work not yet recognised.  This was compared to £6.7 million *** and £0.28 million of contingent work in 2018. Dispute Resolution is the most significant contributor to the total revenue produced by the Group, representing 62% of Group revenue, or 76% excluding the DBA litigation investment sale.

 

In line with our expectations and as previously highlighted, the Corporate and Real Estate divisions, which are focused on commercial transactions, have been impacted by the uncertain economic environment. The divisions have therefore experienced more difficult trading with revenues down 27% on 2018***. However, there is a good pipeline of new business. The Board is confident that once the market improves, these divisions will contribute more to the Group.

 

Post the period end, we launched a new White Collar Fraud and Financial Crime division. The new division will be headed by a recently appointed partner, Manraj Somal. The division will provide advice and support for individuals and companies dealing with compliance, investigations (internal and external), defending prosecutions or helping clients who are the victims of financial crime. Manraj has been tasked with building the new division, including recruiting staff and working closely with other Rosenblatt divisions and practice areas. Manraj joined Rosenblatt from KPMG LLP, where he was UK Head of Corporate Crime Legal.

 

The new division will be an addition to Rosenblatt's internationally renowned Dispute Resolution practice. The division will increase the areas in which Rosenblatt can support its clients. Financial crime is an increasing threat driven by the growth of cybercrimes such as identity theft and phishing, as well as more traditional forms of financial crime such as money laundering and fraud.

 

*** To provide a relative comparison on trading, we have taken the two months of trading in 2018 following the IPO (May and June) and pro-rated for the half year

 

Litigation Finance

Litigation Finance represents an incremental opportunity for us to monetise our case flow and to diversify our income streams. It allows us to retain the margin that would otherwise be paid to a third-party funder, increasing the number of cases we can take on, but also creates a revenue opportunity in terms of our ability to sell participation rights in the cases we invest in.  This is in line with our strategy to de-risk our investments.

 

We are pleased with the progress in Litigation Finance. During the period, we have invested £1.5 million in external third-party costs across four litigation investments. We have also completed the first DBA sale. The sale of a 4.7% participation right has contributed £2 million to revenue. Currently, the Group has four cases in progress and three under consideration. Case duration is hard to predict, but the returns on investment are high.

 

In recent months, the litigation funding sector and its accounting practices have come under scrutiny. Our approach is conservative, considered and results from our long-standing expertise in litigation. One of our core principles is that we only finance cases where we run the litigation and have an intimate knowledge of the case. We have also adopted a very conservative approach within the requirements of the accounting standards. Put simply, we have only accounted for realised gains. We have judged the fair value of investments, to be equal to cost. We stated our intention to follow this approach in April 2019 on the publication of our final results.

 

We have taken this approach for several reasons. Litigation investments are often complex and unpredictable, requiring a solid understanding of the judiciary in each jurisdiction as well as excellent risk management capabilities. Also, such investments come with contingent liabilities that need to be carefully managed and fully understood. It is not possible to forecast the probability of success, and this probability has no precedent to predict the value fairly or with certainty. While we sell participation rights in the investment asset, in the Company's view, this is not a fair indication of the carrying value of the whole investment while the outcome of the litigation remains uncertain.

 

We believe successful management of litigation finance requires a team with strong legal capabilities and decades of experience of the judiciary. Furthermore, decisions on making investments need strong commercial principles, the ability to approach cases innovatively and the option to de-risk them.

 

Rosenblatt has all these requisite skills and a track record of minimising financial risk. The Group has more than 30 years of experience in undertaking litigation on behalf of clients, and within the last ten years, some cases have been on a risk basis. In these cases, Rosenblatt Limited conducted them based on either a Conditional Fee Arrangement, providing time for free, or at partial cost recovery. Before decided to undertake work on a contingent basis, Rosenblatt Limited follows a set of core principles:

 

·    

To limit the revenue exposure - the Group can only commit up to 25% of the revenue of Rosenblatt Limited, limiting the contingent time fee-earners can spend on contingent case.

·    

To limit the Group's cash exposure - total investment in cases (such as spend on third party resource) is limited to 25% of the net assets of the Group. In any one case the maximum cash exposure is 50% of the cash liability, with the rest to be provided by external investors or other funders.

 

Our business, and growth prospects are not just dependant on litigation finance or working at risk. Given our business model, we are able to generate traditional legal service revenues at attractive margins from contentious law. This is in the event the case dynamics or risk profile do not meet our selective criteria for investment. We have a diversified legal offering, including services across a range of disciplines. Our litigation practice also involves defence work. In these cases, there is no contingent fee element and we are paid by clients for the work we do as the case proceeds.

 

M&A

On 16 September 2019, we announced the acquisition of Convex, a specialist sell-side M&A corporate finance boutique based in Manchester, UK. The purchase is in line with the Group's M&A strategy. This strategy aims to diversify the Group  beyond legal services, focusing on high-margin professional services companies like Convex, which will also create opportunities for the cross-referral of business.

 

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.

 

The Board expects the transaction to be immediately and materially earnings and value-enhancing for the Group. For the financial year ended[1] 30 June 2019, Convex generated revenues of £8.7 million and profit before tax of £4.3 million. As of 30 June 2019, Convex had net assets of £3.7 million and no net debt. Convex was owned by its directors. All directors and employees of Convex are remaining with the business.

 

Like Rosenblatt, Convex is an entrepreneurial, high-margin and cash generative business in the professional services sector, with a strong network of clients and partners across the UK and Europe. Convex was established in 2011 by Chairman, Mike Driver. It has completed over £1 billion in transactions over the last four years and completed 13 deals in the last year alone, with EBITDA margins of more than 50 per cent.

 

The acquisition of Convex is expected to help generate a regular flow of fee-based work for Rosenblatt's corporate division, which is focused on commercial transactions. The Group believes that by working closely together, there will be an opportunity to cross-sell services to the client bases of both companies.

 

Rosenblatt also intends to use Convex's Manchester base to create a new regional business hub. The Group will market its expanded professional services offering from the hub, which will also create the opportunity for further cost savings on back-office functions.

 

The acquisition has been structured in accordance with the Board's M&A strategy. This strategy means that the majority of the consideration is to be paid in shares, with a maximum of 40% to be paid in cash.  A significant proportion of the consideration is deferred, to lock in the new business and the talent being acquired. This approach ensures the acquisition value is protected, and that the management of Convex are appropriately incentivised to deliver returns for Rosenblatt shareholders as well as themselves.

 

The total consideration for the acquisition, assuming all earn-out and deferred consideration payments are made, is £22 million. The consideration is structured as follows:

 

·          

An initial consideration, payable on completion of £13.6 million. Of this £13.6 million, £7 million will be paid in cash from the Company's existing resources and £6.6 million will be satisfied by the issue of 5.5 million new Rosenblatt shares (the "Initial Consideration Shares") based on an issue price of 120 pence per share (a premium of 35.6% to the closing price on 13 September 2019).

·          

A deferred consideration, payable after one year, of £8.4 million. Of this £8.4 million, £1.8m million will be paid in cash, and £6.6 million will be satisfied by the issue of 4.7 million new Rosenblatt shares (the "Deferred Consideration Shares"), at a minimum price of 140 pence per share (a premium of 58.2% to the closing price on 13 September 2019) or, if higher, the market value of the shares at the time. The Deferred Consideration Shares will only be issued if Convex exceeds a threshold EBITDA of £6 million for the period from 16 September 2019 to 16 September 2020.

 

Key management and employees of Convex have agreed to a long-term lock-in for the Group's shares and agreed to non-compete clauses. The Initial Consideration Shares and the Deferred Consideration Shares will be subject to a lock-in of three years from their respective issuance dates. Management and employees of Convex will also join the Rosenblatt performance bonus scheme to ensure close alignment with the interests of shareholders.

 

We continue to see many other M&A opportunities in the professional services sector. We are committed to pursuing the right opportunities, which meet our investment criteria and provide shareholders with an appropriate return on investment.

 

Dividend

The Board has a progressive dividend policy. It expects to pay out at least 60 per cent of retained earnings in any financial year by way of dividend. The Company will pay an interim dividend for the six months to 30 June 2019 of 2p per share. This sum will be paid to shareholders on the register as at 4 October 2019.

 

Furthermore, as a result of opportunities in Litigation Finance, if successful, the Board may pay special dividends in addition to the interim and final dividends. Due to the unpredictable nature of this type of work, it is not possible to forecast when cash from a successful case will be received. If appropriate, special dividends will be announced at the time of the Group's half year and final results.

 

Board Changes and personnel

The Board has continued to strengthen. Robert Parker was named as permanent CFO in January 2019 after a successful period as interim since August of last year. Also, in January 2019, Marianne Ismail joined the Board as a Non-Executive Director. She is a highly experienced director with extensive experience in fund management.

 

Since the IPO, we have been able to retain and attract new talent to the business to support our growth plans. Our entrepreneurial culture and approach to remuneration have proved popular. Equity ownership for all fee-earners is both a crucial part of the Company's culture and attractive to potential recruits from major players in the legal sector.

 

We are proud of the fact that our revenue per fee earner is £441,000 per annum. This is among the highest of our listed peers and consistent with the levels seen in Magic Circle Firms. Recruits are expected to deliver three times their cost of employment.

 

We remain encouraged by the enhanced levels of productivity and focus across the Group since the IPO.

 

Name Change

To reflect the evolving nature of the Group from one which was primarily a provider of legal services, to a broader supplier of professional services, the Board has changed the name of the Company to RBG Holdings plc. RBG Holdings plc is comprised of a number of subsidiaries including the law firm Rosenblatt Limited (acquired at the time of IPO), Convex Capital Limited, and the Group's litigation finance arm.

 

Outlook

The Group has traded well since the beginning of the year in difficult market circumstances. We have been pleased with the progress that has continued to be made. Progress is both in terms of the trading of the core business and implementation of the Board's strategy, especially in litigation finance. We are targeting further participation right realisations however, the exact timing of these will depend on several factors.  Litigation finance is a long-term investment, and we have no control on when the cases will complete,

 

The overall outlook for the broader legal sector is mixed. This outlook is due to the uncertain economic environment. However, we believe that there is an increasing demand for litigation services and the finance to support such services which provide significant opportunities for the Group.

 

We are encouraged by the sales of our litigation finance investments so far, and the growth of the legal business. We have invested in key hires to drive our core business and have expanded into new areas identified at the float, including White Collar Fraud and Financial Crime. Our approach to remuneration, which creates significant equity participation for fee-earners, is proving attractive in terms of recruitment, and importantly aligns employees' interests with that of shareholders.

 

We are confident about the outcome for the rest of the year. The Group's financial year is typically second-half weighted and it is expected, as is traditional, that marginally more revenue will be recognised in the second half.

 

Nicola Foulston

Chief Executive Officer

RBG Holdings plc

25 September 2019

 

 

 

Chief Financial Officer's Review

 

Revenue for the six months to 30 June 2019 was £10.2 million (2018: £ 9.13 million***), an increase of 11.7% year-on-year, which includes £2 million of DBA income during the period. Advisory activity services have remained strong in difficult environments, Corporate and Real Estate activity was down significantly 27%*** on the comparative period due to uncertainty caused by Brexit impacting business confidence.

 

EBITDA* for the period was £3.84 million (2018: £ 3.06 million***) representing a healthy margin of 37.5%.

 

Operating costs were £6.94 million (2018: £ 6.15 million***), including a £1 million increase in personnel costs, the majority of which arose from new recruitment and PLC management costs.

 

The profit before tax** for the period is £3.2 million (2018: £2.85 million***, which excludes £1.0 million of costs related to the IPO). This has resulted in a 12.3% growth against adjusted profit through continuing tight control of Group operating expenses as the business continues to expand.

 

Profit after tax of £2.56 million is 25% of revenue for the period.(2018: £2.28m***)

 

The average number of employees during the period was 75, of which five were Directors. Personnel costs were £5.2 million (2018: £4.1 million***). 

 

Balance sheet, cash flow and financing

 

The Group has a balance sheet with net assets of £35.3 million at 30 June 2019 of which cash and cash equivalents was £8.7 million and investments in Litigation Investments was £1.86 million.

 

Collection of debts and the lock up of work in progress ("WIP") remains a key focus for the Group, with total lock up (Debtor and WIP days) being 134 days at the end of the period. This will be a continued focus in the second half of the year.

 

 

Robert Parker

Chief Financial Officer

RBG Holdings plc

25 September 2019

 

* Adjusted EBITDA in 2018 is defined as earnings before interest, tax, share-based payment expense, non-operating exceptional IPO costs, depreciation and amortisation. From 2019, EBITDA is defined as earnings before Interest, Tax, Depreciation and Amortisation

 ** Adjusted profit before tax is defined as earnings before tax, share-based payment expense, and non-operating exceptional IPO costs in 2018

*** To provide a relative comparison on trading, we have taken the two months of trading in 2018 following the IPO (May and June) and pro-rated for the half year

 

 

Unaudited consolidated statement of comprehensive income for the period ended 30 June 2019

 

Note

1 January to 30 June 2019

6 February to 30 June 2018

 

 

£

£

 

 

 

 

Revenue

4

10,235,314

3,043,908 

 

 

 

 

Personnel Costs

5

(5,167,352)

(1,362,926)

Depreciation and amortisation expense

 

(545,785)

(72,934)

Other expenses

 

(1,226,737)

(1,631,435)

 

 

_______

_______

 

 

 

 

Profit from operations

 

3,295,440

(23,387)

 

 

 

 

Adjusted EBITDA

 

3,841,225

1,021,491

 

 

 

 

Depreciation and amortisation expense

 

(545,785)

(72,934)

 

 

 

 

Non-underlying items

 

 

 

Admission costs

 

-

(971,944)

 

 

 

 

Finance expense

 

(113,886)

(1,663)

Finance income

 

15,312

3,260

 

 

_______

_______

 

 

 

 

Profit before tax

4

3,196,866

(21,790)

 

 

 

 

Tax expense

 

(642,394)

6,154

 

 

_______

_______

 

 

 

 

Profit attributable to the ordinary equity holders of the parent

 

2,554,472

(15,636)

 

 

_______

_______

 

 

 

 

Earnings per share attributable to the

ordinary equity holders of the parent

6

 

 

 

 

 

 

 

Profit

 

 

 

Basic (pence)

 

3.19

(0.02)

Diluted (pence)

 

3.19

(0.02)

 

 

_______

_______

 

 

 

Unaudited consolidated statement of financial position as at 30 June 2019

Company registered number: 11189598

Note

 2019

 2018

 

 

£

£

Assets

 

 

 

Current assets

 

 

 

Trade and other receivables

 

9,239,787

5,204,330

Cash and cash equivalents

 

8,673,109

11,791,978

 

 

_______

_______

 

 

 

 

 

 

17,912,896

16,996,308

Non-current assets

 

 

 

Property, plant and equipment

8

7,436,188

283,579

Intangible assets

9

17,966,471

17,737,610

Litigation investments

10

1,735,822

-

 

 

______

_______

 

 

 

 

 

 

27,138,481

18,021,189

 

 

_______

_______

 

 

 

 

Total assets

 

45,051,377

35,017,497

 

 

_______

_______

Liabilities

 

 

 

Current liabilities

 

 

 

Trade and other payables

 

1,383,437

2,191,802

Current tax liabilities

 

1,399,202

(4,249)

Provisions

 

56,904

-

Leases

11

887,683

-

 

 

_______

_______

 

 

 

 

 

 

3,727,226

2,187,553

Non-current liabilities

 

 

 

Deferred tax liability

 

140,781

168,193

Leases

11

5,872,520

-

 

 

_______

_______

 

 

 

 

 

 

6,013,301

168,193

 

 

_______

_______

 

 

 

 

Total liabilities

 

9,740,527

2,355,746

 

 

_______

_______

 

 

 

 

NET ASSETS

 

35,310,850

32,661,751

 

 

_______

_______

Issued capital and reserves attributable to

owners of the parent

 

 

 

Share capital

 

160,184

160,184

Share premium reserve

 

32,516,129

32,517,203

Retained earnings

 

2,634,537

(15,636)

 

 

_______

_______

 

 

 

 

TOTAL EQUITY

 

35,310,850

32,661,751

 

 

_______

_______

 

The interim statements were approved by the Board of Directors and authorised for issue on 24 September 2019.

 

 

Unaudited consolidated statement of cash flows for the period ended 30 June 2019

 

 

Note

2019

2018

 

 

£

£

 

 

 

 

Cash flows from operating activities

 

 

 

Profit for the period before tax

 

3,196,866

(21,790)

Adjustments for:

 

 

 

Depreciation of property, plant and equipment

8

527,035

16,656

Amortisation of intangible fixed assets

9

18,750

56,278

Finance income

 

(15,312)

(3,260)

Finance expense

 

113,886

1,663

 

 

_______

_______

 

 

 

 

 

 

3,841,225

49,547

 

 

 

 

Increase in trade and other receivables

 

(3,486,096)

(2,888,963)

Increase in trade and other payables

 

(514,726)

1,952,846

Increase in provisions

 

21,640

-

 

 

_______

_______

 

 

 

 

Cash generated from operations

 

(137,957)

(886,570)

 

 

 

 

Tax paid

 

-

-

 

 

_______

_______

 

 

 

 

Net cash flows from operating activities

 

(137,957)

(886,570)

 

Investing activities

 

_______

_______

Purchases of property, plant and equipment

 

(347,379)

(435)

Purchase of business

 

-

(20,000,000)

Interest received

 

15,312

3,260

 

 

_______

_______

 

 

 

 

Net cash used in investing activities

 

(332,067)

(19,997,175)

 

 

_______

_______

Financing activities

 

 

 

Issue of ordinary shares

 

-

32,677,386

Dividends paid to holders of the parent

7

(2,228,300)

-

Repayments of leases

11

(444,081)

-

Interest paid on loans and borrowings

 

-

(1,663)

Investment in cases

 

(1,534,953)

-

 

 

_______

_______

 

 

 

 

Net cash from financing activities

 

(4,207,334)

32,675,723

 

 

_______

_______

 

 

 

 

Net increase in cash and cash equivalents

 

(4,677,358)

11,791,978

Cash and cash equivalents at beginning of period

 

13,350,467

-

 

 

_______

_______

 

 

 

 

Cash and cash equivalents at end of period

 

8,673,109

11,791,978

 

 

_______

_______

 

Unaudited consolidated statement of changes in equity for period ended 30 June 2019

 

Share

Capital

Share Premium

Retained Earnings

Total Equity

 

£

£

£

£

At 6 February 2018

-

-

-

-

Comprehensive income;

 

 

 

 

Loss for the period

-

-

(15,636)

(15,636)

 

 

 

 

 

Transactions with owners recognised directly in equity

 

 

 

 

Issue of share capital

160,184

34,926,316

-

35,086,500

Share issue costs

-

(2,409,113)-

-

(2,409,113)

 

 

 

 

 

 

 

 

 

 

Balance at 30 June 2018 (unaudited)

160,184

32,517,203

(15,636)

32,661,751

 

 

 

 

 

At 1 July 2018

160,184

32,517,203

(15,636)

32,661,751

Comprehensive income;

 

 

 

 

Profit for the period

-

-

2,324,001

2,324,001

 

 

 

 

 

Transactions with owners recognised directly in equity

 

 

 

 

Share issue costs

-

(1,074)

 

(1,074)

 

 

 

 

 

 

 

 

 

 

Balance at 31 December 2018 (audited)

160,184

32,516,129

2,308,365

34,984,678

 

 

 

 

 

At 1 January 2019

160,184

32,516,129

2,308,365

34,984,678

Comprehensive income;

 

 

 

 

Profit for the period

-

-

2,554,472

 

 

 

 

 

Transactions with owners recognised directly in equity

 

 

 

 

 

 

 

 

 

Dividends

-

-

(2,228,300)

(2,228,300)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 30 June 2019 (unaudited)

160,184

32,516,129

2,634,537

35,310,850

 

 

Unaudited notes to the financial statements for the period ended 30 June 2019

 

1

Basis of preparation

 

RBG Holdings plc (formerly Rosenblatt Group plc) is a public limited company domiciled in the United Kingdom and its registered office is 9-13 St Andrew Street, London, EC4A 3AF. The Company was incorporated on 6th February 2018, shares in the company were admitted to trading on AIM on 8th May 2018 and it commenced trading on this date.

The principal activity of the Group is the provision of legal and professional services, including management and financing of litigation projects.

The condensed consolidated financial statements of the Group, which have been prepared for the period from 1 January 2019 to 30 June 2019, do not constitute statutory accounts for the period and should be read in conjunction with the Group's annual consolidated financial statements as of 31 December 2018. The comparatives relate to the period from incorporation on 6th February 2018 to 30 June 2018.

The consolidated financial statements have not been audited or reviewed by auditors pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.

The principal accounting policies adopted in the preparation of the unaudited consolidated financial statements are set out in Note 2. The policies have been consistently applied to the periods presented, unless otherwise stated.

The unaudited consolidated financial statements of the Group have been prepared in accordance with IFRS as adopted by the European Union and those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The preparation of financial statements in compliance with IFRS requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies. The areas where significant judgments and estimates have been made in preparing the financial statements and their effect are disclosed in Note 3.

Going concern

The Group financial statements are prepared on a going concern basis as the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. 

Where revenue is subject to contingent fee arrangements including DBAs, the Group estimates the amount of variable consideration to which it will be entitled and constrains the revenue recognised to the amount for which it is considered highly probable that there will be no significant reversal. Due to the nature of the work being performed, this typically means that contingent revenues are not recognised until such time as the outcome of the matter being worked on is certain.

Different views being determined for the amount of revenue to be constrained in relation to each contingent fee arrangement may result in a different value being determined for revenue and also a different carrying value being determined for unbilled amounts for client work.

In calculating revenue from fixed price contracts, the Group makes certain estimates as to the stage of completion of those contracts. In doing so, the Group estimates the remaining time and external costs to be incurred in completing contracts and the clients' willingness to pay for the services provided. A different assessment of the outturn of the contract may result in a different value being determined for the revenue and also a different carrying value being determined for unbilled amounts for client work.

-     Fair value of litigation investments

 

The most significant estimates relate to the valuation of litigation investments at fair value through profit or loss which are determined by the Group. Fair values are determined on the specifics of each investment and will typically change upon an investment having a return entitlement or progressing in a manner that, in the Group's judgement, would result in a third party being prepared to pay an amount different from the original sum invested for the Group's rights in connection with the investment.

The estimation of fair value is inherently uncertain. Awards and settlements are hard to predict and often have a wide range of possible outcomes. Furthermore, there is much unpredictability in the actions of courts, litigants and defendants because of the large number of variables involved and consequent difficulty of predictive analysis. In addition, there is little activity in transacting investments and hence little relevant data for benchmarking the effect of investment progression on fair value, although the existence of secondary market transactions is a valuation input.

 

-     Accounting for business combinations and fair value

 

Business combinations are accounted for at fair value. Valuation of acquired intangibles requires estimates of future growth rates, profitability, remaining useful lives and discount rates for input to the business combination valuation methodology. A difference in the estimated future growth rates, profitability, the use of a different discount rate, or the selection of a different valuation method may result in a different assessment of fair value of the asset or liability acquired as part of the business combination. 

-     Estimated impairment of intangible assets including goodwill

 

Determining whether an intangible asset is impaired requires an estimation of the value in use of the cash generating units to which the intangible has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from each cash generating unit and determine a suitable discount rate. A difference in the estimated future cash flows or the use of a different discount rate may result in a different estimated impairment of intangible assets.

-     Impairment of trade receivables

Receivables are held at cost less provisions for impairment. Impairment provisions are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. A different assessment of the impairment provision with reference to the probability of the non-payment of trade debtors or the expected loss arising from default, may result in different values being determined.

-     Claims and regulatory matters

The Group from time to time receives claims in respect of professional service matters. The Group defends such claims where appropriate but makes provision for the possible amounts considered likely to be payable. A different assessment of the likely outcome of each case or of the possible cost involved may result in a different provision or cost.

4

Segment revenue and results

 

 

 

The chief operating decision makers (CODMs) are the Board of Directors of Rosenblatt Group plc. The Group has the following five strategic business groups, which are its reportable segments. These business groups offer different services and are reported separately because of the different specialisms from the legal teams in those business groups.

The following summary describes the operations of each reportable segment:

·     Real Estate - Provision of legal advice in respect of construction, planning, real estate and residential property development services. 

·     Employment - Provision of legal advice in respect of employment and pension services.

·     Corporate - Provision of legal advice in respect of corporate, private client and taxation services.

·     Dispute Resolution - Provision of legal advice in respect of commercial dispute resolution.

·     DBA Income - Sale of entitlement of awards under DBAs

 

 

2019

Real Estate

Employment

Corporate

Dispute Resolution

DBA Income

Total

 

 

£

£

£

£

£

£

 

 

 

 

 

 

 

 

 

 

Segment revenue

803,211

754,246

6,296,536

2,000,000

10,235,314

 

 

_______

_______

_______

_______

_______

_______

 

 

 

 

 

 

 

 

 

Segment contribution

6,354,793

 

 

_______

_______

_______

_______

_______

 

 

 

 

 

 

 

 

 

 

 

Costs not allocated to segments

 

 

 

Personnel costs

(1,298,806)

 

 

Depreciation and amortisation

(545,785)

 

 

Other operating expense

(1,214,762)

 

 

Net financial expenses

(98,574)

 

 

 

_______

 

 

 

 

 

 

Group profit for the period before tax

3,196,866

 

 

 

_______

                 

 

 

2018

Real Estate

Employment

Corporate

Dispute Resolution

DBA Income

Total

 

 

£

£

£

£

£

£

 

 

 

 

 

 

 

 

 

 

Segment revenue

336,024

106,803

372,187

2,228,894

-

3,043,908

 

 

_______

_______

_______

_______

_______

_______

 

 

 

 

 

 

 

 

 

Segment contribution

1,943,096

 

 

_______

_______

_______

_______

_______

 

 

 

 

 

 

 

 

 

 

 

Costs not allocated to segments

 

 

 

Personnel costs

(262,113)

 

 

Depreciation and amortisation

(72,934)

 

 

Other operating expense

(659,492)

 

 

Admission costs

(971,944)

 

 

Net financial income

1,597

 

 

 

_______

 

 

 

 

 

 

Group profit for the period before tax

(21,790)

 

 

 

_______

                 

 

 

5

Employees

 

 

 

 

2019

2018

 

Group

£

 

 

 

 

 

 

Staff costs (including directors) consist of:

 

 

 

 

 

 

 

Wages and salaries

3,748,821

1,110,302

 

Short-term non-monetary benefits

46,218

8,072

 

Social security costs

439,431

134,741

 

Cost of defined contribution scheme

134,449

32,134

 

 

_______

_______

 

 

 

 

 

 

4,368,919

1,285,249

 

 

_______

_______

 

Personnel Costs stated in the Consolidated statement of comprehensive income includes the costs of contractors who are not employees.

The average number of employees (including directors) during the period was as follows:

 

 

2019

2018

 

 

Number

Number

 

 

 

 

 

Legal and professional staff

44

44

 

Administrative staff

31

26

 

 

_______

_______

 

 

 

 

 

 

75

70

 

 

_______

_______

A defined contribution pension scheme is operated by the group on behalf of the employees of one of the subsidiary undertakings. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension charge represents contributions payable by the group to the fund and amounted to £134,449 (2018:£32,134). Contributions amounting to £66,907 (2018:£50,443) were payable to the fund at period end and are included in Trade and other payables.

6

Earnings per share

 

 

 

2019

2018

 

Numerator

£

£

 

 

 

 

 

Profit for the period and earnings used in basic and diluted EPS

2,554,472

(15,636)

 

 

 

 

 

Add Non Underlying items

-     Admission costs

-

971,944

 

 

_______

_______

 

 

 

 

 

Profit for the period adjusted for Non Underlying items

2,554,472

956,308

 

 

_______

_______

 

 

 

 

 

Denominator

Number

Number

 

 

 

 

 

Weighted average number of shares used in basic and diluted EPS

80,092,106

80,092,106

 

 

_______

_______

 

Earnings per share is calculated as follows:

 

2019

2018

 

Pence

Pence

 

 

 

Basic and diluted earnings per ordinary share

3.19

(0.02)

 

 

 

Basic and diluted earnings per ordinary share adjusted for Non Underlying items

3.19

1.19

 

Clawback arrangements over certain shares of Cascades Ltd would have an anti-dilutive effect on earnings per share and therefore no impact on diluted earnings per share.

7

Dividends

 

 

On 24 May 2019, Rosenblatt Group plc paid a dividend of £2,228,300 in respect of 2018 (2.8p per share).

On 24 July 2019, Rosenblatt Ltd declared an interim dividend for 2019 resulting in a distribution to Rosenblatt Group plc of £2,900,000.  The Company will pay an interim Dividend for the 6 months to 30 June 2019 of 2p per share. This dividend has not been accrued in the consolidated statement of financial position as it has been proposed after the reporting period.

 

8

Property, plant and equipment

 

 

Group

Land and

Plant and

Fixtures

Computer

 

 

 

Buildings

Machinery

and fittings

Equipment

Total

 

 

£

£

£

£

£

 

Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

At 1 January 2019

7,294,194

309,568

435

82,714

7,686,911

 

Additions

-

2,239

318,629

347,379

 

Acquired through

business combinations

-

-

-

-

-

 

Disposals

-

-

-

-

-

 

 

_______

_______

_______

_______

_______

 

 

 

 

 

 

 

 

At 30 June 2019

7,294,194

311,807

26,946

401,343

8,034,290

 

 

_______

_______

_______

_______

_______

 

 

 

 

 

 

 

 

Accumulated Depreciation and Impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

At 1 January 2019

-

67,436

63

3,568

71,067

 

Charge for the period

429,070

51,595

307

46,063

527,035

 

Disposals

-

-

-

-

-

 

 

_______

_______

_______

_______

_______

 

 

 

 

 

 

 

 

At 30 June 2019

429,070

119,031

370

49,631

598,102

 

 

_______

_______

_______

_______

_______

 

 

 

 

 

 

 

 

Net book value

 

 

 

 

 

 

 

 

 

 

 

 

 

At 1 January 2019

7,294,194

242,132

372

79,146

7,615,844

 

 

 

 

 

 

 

 

At 30 June 2019

6,865,124

192,776

26,576

351,712

7,436,188

 

 

_______

_______

_______

_______

_______

 

9

Intangible assets

 

 

 

 

 

Group

Goodwill

Customer

Brand

Total

 

 

 

Contracts

 

 

 

 

£

£

£

£

 

Cost

 

 

 

 

 

 

 

 

 

 

 

At 1 January 2019

17,260,221

200,111

750,000

18,210,332

 

Acquired through business combinations

-

-

-

-

 

 

_______

_______

_______

_______

 

 

 

 

 

 

 

At 30 June 2019

17,260,221

200,111

750,000

18,210,332

 

 

_______

_______

_______

_______

 

 

 

 

 

 

 

Accumulated amortisation and impairment

 

 

 

 

 

 

 

 

 

 

 

At 1 January 2019

-

200,111

25,000

225,111

 

Amortisation charge

-

-

18,750

18,750

 

Impairment losses

-

-

-

-

 

 

_______

_______

_______

_______

 

 

 

 

 

 

 

At 30 June 2019

-

200,111

43,750

243,861

 

 

_______

_______

_______

_______

 

 

 

 

 

 

 

Net book value

 

 

 

 

 

 

 

 

 

 

 

At 1 January 2019

17,260,221

-

725,000

17,985,221

 

 

 

 

 

 

 

At 30 June 2019

17,260,221

-

706,250

17,966,471

 

 

 

 

 

 

 

 

_______

_______

_______

_______

 

The intangible assets arose on the acquisition of the trade and specific assets and liabilities of Rosenblatt Partnership, by Rosenblatt Limited on 8 May 2018.

 

10

Litigation investments

 

 

 

 

 

Litigation Investments comprise the funding provided to Litigation projects.  Assets are fair valued at each balance sheet date and any movement in fair value from previous balance sheet date is recognised in the profit or loss (see Note 3).

 

 

2019

2018

 

 

£

£

 

 

 

 

 

At 1 January 2019

200,869

-

 

Additions

1,534,953

-

 

Fair value movement (net of transfers to realisations)

-

-

 

 

_______

_______

 

 

 

 

 

At 30 June 2019

1,735,822

-

 

 

_______

_______

 

11

Leases

 

The Group leases its business premises and the lease provides for annual increases in the periodic rent payments linked to inflation, within a band of a 2-4% increase per annum. The Group also leases an item of office equipment, with fixed payments over the lease term.

Right-of-Use Assets

 

 

Land and buildings

Computer equipment

Total

 

 

£

£

£

 

 

 

 

 

 

At 1 January 2019

7,294,194

 17,094

7,311,288

 

Additions

-

-

-

 

Amortisation

(429,070)

(3,419)

(432,489)

 

Variable lease payment adjustment

-

-

-

 

 

_______

_______

_______

 

 

 

 

 

 

At 30 June 2019

6,865,124

13,675

6,878,799

 

 

_______

_______

_______

 

Lease liabilities

 

 

Land and buildings

Computer equipment

Total

 

 

£

£

£

 

 

 

 

 

 

At 1 January 2019

7,073,880

 16,518

7,090,398

 

Additions

-

-

-

 

Interest expense

113,631

255

113,886

 

Variable lease payment adjustment

-

-

-

 

Lease payments

(440,628)

(3,453)

(444,081)

 

 

_______

_______

_______

 

 

 

 

 

 

At 30 June 2019

6,746,883

13,320

6,760,203

 

 

_______

_______

_______

 

At 30 June 2019, lease liabilities were falling due as follows:

Group

Up to 3 months

Between 3 and 12 months

Between 1 and 2 years

Between 2 and 5 years

Over 5 years

Total

 

£

£

£

£

£

 

Lease liabilities

224,622

663,061

876,466

2,545,106

2,450,948

6,760,203

 

 

 

[1] Represents the eleven months from when Convex converted from a partnership to a limited company - 1 August 2018 to 30 June 2019


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Rosenblatt Group Plc

Price: 95

Market: AIM
Market Cap: £81.31 m
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