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LCM is pleased to announce its interim (HY20) results for the six-month period ending 31 December 2019.

Litigation Capital Management Limited (AIM:LIT), a leading international provider of disputes
financing solutions, announces its interim results for the six months ended 31 December 2019
(“HY20”).

Highlights

  • Delivering sustained growth across a diversified portfolio by investment activity and geography
  • First close of a new third-party fund of US$150 million (post-period)
  • Cumulative 139% ROIC and 79% IRR over the last 8.5 years*
  •  Total cash generated of A$18.9 million (post-period cash receipt totalling A$9.7 million)
  • Four single-case investments in APAC generated a combined revenue of approximately A$14.9 million and contribution to gross profit of approximately A$7.8 million
  • Significant traction in key growth area of corporate portfolio funding:
  • Construction portfolio: resolved two disputes out of seven matters; generated revenue of A$8.6 million and provided a contribution to gross profit of A$4.3 million
  •  First matter resolution in the aviation portfolio; generated revenue of A$0.6 million and provided a contribution to gross profit of A$0.2 million
  • Strategic Alliance with international law firm delivered material opportunities and over 30 applications, including both single case and corporate portfolio. Second Alliance initiated with an international law firm which has already generated corporate portfolio applications

*FY12 to HY20, including losses. The Company reports performance over the last 8.5 years since FY12 as the Board deems it the period most representative of the current business

Summary of financials

Figures in A$ million unless otherwise statedSix months ended 31 December 2019Six months ended 31 December 2018
Gross revenue24.111.7
Gross profit12.25.7
Adjusted profit before tax6.92.7
Adjusted basic EPS (cents per share)6.614.31
Statutory profit before tax6.71.0
Net cash34.752.6
Capital deployed on litigation investments18.412.8
Litigation investments34.020.7
Total equity80.470.3
Cash receipts from the completion of litigation investments9.211.0

Post-period events

  • First close of US$150 million LCM Global Alternative Returns Fund (the Fund) – US$140 million committed investments from global blue-chip investors with balance of US$10 million which LCM expects to be subscribed in the near term
  • Fund will supplement the deployment of capital from LCM’s balance sheet, significantly increasing the Group’s ability to invest in new opportunities.
  • Transitions LCM into an alternate asset manager specialising in investments relating to the global disputes market
  • Post period cash received on projects resolved – A$9.7 million, as a result of resolutions occurring close to the end of the financial period

Current trading and outlook

LCM moves forward as an alternate asset manager specialising in investments relating to the global disputes market with two complementary business models: direct investment from the Company’s balance sheet and asset management following the first close of the US$150m fund. In the second half, we will continue to execute our strategy of growing and diversifying our portfolio by investment activity and geography, taking advantage of the numerous and exciting growthopportunities available to us in a measured and disciplined way.

With a burgeoning global infrastructure in place, an increasingly diversified portfolio and a strong pipeline supported by a robust balance sheet, third-party funds and growing pool of the best talent in the industry, while the nature of LCM’s business model means that returns will not always result in a linear growth pattern, the Board is confident the Company will continue to grow and deliver strong returns.

Patrick Moloney, CEO of LCM, commented: In the first half, LCM has continued to strengthen its market position in all of the geographies we operate. The development of our corporate portfolio strategy is gaining significant traction and already paying dividends in an area where we are a global leader in the provision of portfolio financing to corporate clients. With the first close of LCM’s US$150 million fund we are well placed to significantly increase the portfolio of investments under management, enabling LCM to expand its business in all of the geographies in which we operate. The launch of the fund in parallel with direct balance sheet investments signals the transition of the business into a global alternate asset manager.”

Nick Rowles-Davies, Executive Vice Chairman of LCM, added: “Momentum in corporate portfolio opportunities has increased in the first half with the Fund now enabling LCM to invest in larger corporate portfolio transactions which have previously been beyond the capacity of our balance sheet. This provides an important catalyst for the ongoing development of LCM’s corporate portfolio strategy.”

LCM Contact Angela Bilbow

Global Head of Communications abilbow@lcmfinance.com

+44 (0)20 3955 5271

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Manolete Partners Announces New Revolving Credit Facility with HSBC Bank

By Harry Moran |

Manolete Partners Plc (AIM:MANO), the leading UK-listed insolvency litigation financing company, is pleased to announce it has signed a new Revolving Credit Facility ("RCF") with its existing provider, HSBC UK Bank Plc ( "HSBC"). 

The new RCF provides Manolete with the same level of facility as the previous arrangement, at £17.5m. However, the margin charged to Manolete by HSBC on the new RCF is at a reduced rate of 4.0% (previously 4.7%) over the Sterling Overnight Index Average (SONIA) and has a reduced non-utilisation fee, from 1.88% to 1.40%. 

The new RCF is a 3.25-year facility with an initial maturity of 27 June 2028. Manolete has the option to further extend the facility on its current terms by an additional year. 

The covenants remain unchanged except for the Asset Cover covenant which has been relaxed for the next six months. 

Steven Cooklin, CEO commented: "We are delighted to have secured a new long-term commitment to the business from HSBC, which is testament to the strong partnership we have established since 2018. The improved terms of the facility demonstrate confidence in the Manolete business." 

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR"). 

Angeion Group Expands Mass Tort Litigation Management Capabilities Through Merger with Case Works

By Harry Moran |

Angeion Group (“Angeion”), the industry leader in end-to-end group litigation support, announced today its merger with Case Works, a premier provider of case data management solutions, including client engagement, medical record retrieval, medical review, and inventory analysis. Neutral, but never passive, this strategic integration of Case Works reinforces Angeion’s forward thinking approach to providing seamless tech-enabled support for complex litigation firms and leading law departments, with efficiency and precision.

The merger of Angeion and Case Works follows majority investments into both companies by private equity firm Renovus Capital Partners (“Renovus”) in 2024. Angeion also acquired bankruptcy administration solutions provider Donlin Recano in late 2024. Renovus worked alongside the companies’ founders and management teams to unify the businesses and deliver a seamless experience for clients and employees throughout the integration.

Case Works has earned a reputation of excellence by ensuring accuracy, completeness, and applicability of case data to support legal requirements. By combining their core capabilities with Angeion’s advanced technology and data-driven approach, this merger further solidifies Angeion’s position as the most trusted partner for navigating complex, high-stakes litigation and settlements.

Effective large-scale litigation and settlements rely on comprehensive, well-organized data and the ability to apply that data effectively within the context of a particular project. Combining Case Works’ proven excellence in capturing and managing critical case information with Angeion Group’s expertise in technology, process efficiency and claims management, provides a more structured, more transparent, and more effective approach to large-scale litigation and settlement management.

“Case Works brings deep expertise and a proven track record of supporting firms with large data and medical record retrieval needs. They are known for their dedication to precision, care and bedside manner,” said Steven Weisbrot, CEO of Angeion Group. “Together, we are raising the bar for what clients can expect—faster, more accurate processes and a commitment to white glove service.”

Angeion Group and Case Works share a common vision: to set the new standard for how large-scale litigation and group settlement support can combine technological efficiency with thoughtful human interaction. Both organizations are driven by a commitment to innovation, precision, and efficiency and are mindful that litigants should expect and receive compassion and respect throughout the group litigation process. This merger will elevate industry standards and ensure that all parties, their council, and the courts benefit from a more streamlined, thoughtful and effective process.

“We’re excited to join forces with Angeion Group,” said Susan Barfield, Founder of Case Works. “Their commitment to innovation and client service aligns perfectly with our own, and we look forward to delivering even greater value to the firms and clients we support.”

“We’re honored to have partnered with these leading companies, building upon our strong track record in tech-enabled legal services,” added Lee Minkoff, Managing Director at Renovus. “We’d also like to thank founders Steve Weisbrot and Susan Barfield for their leadership throughout this game changing merger for the group litigation support industry.”

Angeion remains steadfast in its mission to completely modernize and optimize complex litigation management to the benefit of all stakeholders.

About Case Works

Case Works is the leading provider of tech-enabled litigation support solutions to the country’s premier plaintiff law firms. Based in Austin, Texas, the Company was created with a single mission: To Help Lawyers Help People. Case Works provides a full suite of case management services including claims qualification, intake, medical records retrieval & review, case development, and ongoing plaintiff engagement.

About Angeion Group

Angeion Group is a leading provider of legal notice and settlement administration services, leveraging advanced technology, proven best practices, and expert consulting to manage class actions, mass torts, and collective redress administration. Recognized for its innovation, efficiency, and unwavering client commitment, Angeion Group continues to redefine industry standards.

Moneypenny Unites Under One Brand as It Celebrates 25 Years of Excellence

By Harry Moran |

Moneypenny, the world’s customer conversation expert, proudly marks 25 years of delivering exceptional service and innovation. As part of this milestone, Moneypenny is unifying all of its brands across the US, including VoiceNation, Alphapage, Sunshine Communication Services, and Choice Voice, under one internationally recognized name. 

This transition reinforces Moneypenny’s dedication to a clear and dynamic future for its clients and people while reflecting the values and passion that have driven its success. Started in 2000 after a pivotal missed phone call resulted in a missed business opportunity, Moneypenny has since delivered world-class customer conversations to thousands of global businesses. Over the past 10 years, Moneypenny has expanded its presence across the US, growing under the Moneypenny, VoiceNation, Alphapage, Sunshine Communication Services, andChoice Voicebrands. Now, all will operate under the beloved Moneypenny brand in its Atlanta and Miami offices, as well as virtually in hubs across the country. This unification enhances the ability to offer seamless customer communication solutions and strengthens Moneypenny’s position as the world’s customer conversation experts. 

“As we celebrate 25 years of service, we are excited to express more clearly and concisely our passion to those we serve. By bringing the best of all of our businesses together under one brand, we make it easier for businesses to see the full range of solutions we offer, while also enhancing opportunities for our people. This transition underscores Moneypenny’s commitment to excellence, innovation, and a unified global strategy.” said Richard Culberson, CEO of Moneypenny North America. 

"As a company proudly headquartered in Wrexham UK, a city with a rich history and a growing international profile, Moneypenny is proud to represent that same spirit of fellowship, excellence, and focus on what matters most, people,” said Jesper With-Fogstrup, Group CEO of Moneypenny. “Just as Wrexham soccer has captured hearts across the US, Wrexham’s own Moneypenny has captured hearts by connecting businesses, technology, and people on both sides of the pond. We couldn’t be more excited to have all our teams driven by this shared spirit."

To mark its silver anniversary, Moneypenny will celebrate with a throwback “year 2000” prom for its US teams – a tribute not only to Moneypenny’s remarkable quarter-century history, but also to a time before smartphones, live chat, and a global pandemic put companies on call 24-7By embracing a unified brand, celebrating its legacy, and continuing to invest in its people and AI-driven solutions, Moneypenny is setting the stage for an even stronger future.

About Moneypenny

As the world’s customer conversation experts, Moneypenny’s unique blend of brilliant people and AI technology integrates seamlessly to deliver customer conversations that unlock valuable opportunities for businesses, 24/7. Available across all voice and text channels, Moneypenny responds to and fulfils requirements for thousands of UK and US clients who value their reputation and recognize that the key to sustainable growth is working with a partner who allows them to scale in an agile way. This year, Moneypenny proudly celebrates 25 years of service, having been named one of the “100 Best Companies to Work For” seven times and earning recognition as a Great Place To Work (GPTW). Moneypenny was also named as ‘Best Global Support’ in The Forbes Advisor - The Best Answering Services of 2024.