Litigation Capital Management Ltd (AIM:LIT) said current conditions mean it is in a stronger position to grow both parts of its business and access greater amounts of capital.
For the half-year ended 31 December, the international alternative asset manager of disputes financing solutions grew adjusted profit before tax to A$7.5mln from a loss of A$0.2mln a year earlier, and posted a statutory profit before tax of A$4.0mln compared to a loss of A$1.4mln last time.
LCM said it has seen a sharp correction in the market in the first two months of 2022, with assets under management expanding from A$343mln at the end of December to A$386mln by 8 March.
"As conditions normalise and with the core executive team now in place in our London office, LCM is now in a stronger position to grow both divisions, enabling us to access greater amounts of capital and facilitate the expansion of our portfolio of investments," said chief executive Patrick Moloney.
"The countercyclical nature of our industry suggests that economic and market conditions at present, represent a growing opportunity for the company which will be realised over the long-term. We look to the second half and beyond with optimism and confidence."