Rosenblatt Group PLC Trading and Dividend Update (9084O)
February 04 2019 - 2:00AM
UK Regulatory
TIDMRBGP
RNS Number : 9084O
Rosenblatt Group PLC
04 February 2019
4 February 2019
Rosenblatt Group plc
("Rosenblatt", the "Company" or the "Group")
Trading and Dividend Update
Rosenblatt Group plc (AIM: RBGP), the professional legal
services company, is pleased to announce the following trading
update ahead of the publication of its final results for the year
ended 31 December 2018 on 30 April 2019.
The Group expects to report results in line with market
expectations. The Company has continued to maintain high net
margins on the work it undertakes, consistent with the levels the
Group aims to deliver, and the highest of its peer group.
The Company's main practice areas, which are focused on
contentious law, namely Dispute Resolution and Employment have
continued to perform well. There has been an increase in the number
of litigation cases that the Company is working on, with many being
undertaken on a contingent basis, from which the Group will receive
a high rate of return if successful. This growing demand for
litigation reflects the uncertain economic environment, as
businesses look to legal action to resolve issues.
As reported in the Company's interim results, the Corporate
division, which is focused on commercial transactions, has been
impacted by the cautious business environment in part caused by
Brexit uncertainty. The Board believes that, as this uncertainty
reduces during the year, there will be an increase in transactions,
which have been delayed, including large-scale M&A
transactions. The Group is well-positioned to benefit from
this.
The Company's balance sheet remains strong and the Board has
confidence in the outlook for the Group. As such, the Board
announces today that Company intends to pay a dividend for the six
months to 31 December 2018 of 2.8p per share. This sum, which is
ahead of expectations set at the time of the Company's IPO, will be
formally announced on 30 April 2019 upon publication of the
Company's inaugural audited balance sheet and will be paid to
shareholders on the register as at 10 May 2019.
In line with its stated strategy, the Board continues to assess
potential acquisition opportunities that meet its strategic and
valuation criteria. During the period, the number of acquisition or
lateral hire opportunities available reflected the cautious
business environment referred to above. The Board has remained
disciplined and will only pursue transactions that can demonstrate
clear benefits for shareholders. With the UK experiencing a
fast-changing economic backdrop, the Board believes that the Group
is well placed to move quickly and capitalise on opportunities as
and when they arise this year.
Nicola Foulston, CEO of Rosenblatt, said: "Rosenblatt has
performed well since our flotation last year, with revenue growing
and net margins remaining high. I am pleased to announce our first
interim dividend to shareholders reflecting the strength of the
Group and this will remain a key metric for us. Our main practice
areas, which are centred on Dispute Resolution, continue to grow
and we have been focused on implementing our agreed strategy. We
expect to take part in the consolidation of the industry as and
when acquisitions meet our strategic and valuation criteria. 2019
will be our first full year as a public company and we look forward
to delivering growth for shareholders."
Enquiries:
Rosenblatt Group plc Via Newgate Communications
Nicola Foulston, CEO
Cenkos Securities plc (Nominated Adviser Tel: 020 7397 8900
and Broker)
Stephen Keys/Nick Wells
Newgate Communications (for media enquiries) Tel: +44 (0)20 3757
Robin Tozer/Fiona Norman 6880; rosenblatt@newgatecomms.com
About Rosenblatt Group plc
Rosenblatt Group plc is a professional legal services company,
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.
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 rns@lseg.com or visit www.rns.com.
END
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