City practice Rosenblatt Group, one of the few firms listed on the stock market, has announced a rise in revenue and profit despite what it calls a ‘challenging economic environment’.
According to unaudited figures for the six months ended 30 June 2019, the firm’s revenue increased by 11.7% to £10.2m, while its profit before tax rose by 12.2% to £3.2m. Profit after tax increased by 9.6%, reaching £2.5m.
The dispute resolution specialist floated on the London Stock Exchange last year but saw profits slip in April. The listed firm, which is now called RBG Holdings plc, proposes an interim dividend of 2p per share, down from 2.8p per share in April. Shares were today trading at 100p, down 2.4% in value.
Nicola Foulston, CEO of RBG Holdings, said: ‘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.’
She added that the company’s dividend is ‘in line with expectations’.
Last month the firm opened a ‘rapidly expanding’ white collar fraud and financial crime division and on 16 September it acquired Convex, a corporate finance boutique.
Foulston said she wanted to show she was capable of running any professional services business, and would focus on entrepreneurial companies with high margins.
‘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,’ she said.