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Litigation Capital Management (AIM:LIT): Interim Results

March 4, 2019

Litigation Capital Management (AIM:LIT): Interim Results

Litigation Capital Management (LCM) Limited (AIM:LIT), a leading international provider of litigation financing solutions, announces its reviewed interim results for the six months ended 31 December 2018.

Note: All financial results based on cash accounting methods, as opposed to fair value methods. Any gains or losses are only recognised in LCM’s accounts when a successful judgement or settlement has been determined.

Highlights

  • Adjusted profit before tax of A$2.72 million – increase of 268% (H1 2018: adjusted loss $1.62 million)
  • Adjusted revenue of A$11.71 million – increase of 11,498% (H1 2018: A$0.10 million)
  • Continued strong litigation project performance, with three projects completing in the period, and consistent with existing track record:
    • Portfolio IRR of 78% (on a cumulative basis since FY 2012, including losses)
    • ROIC of 117% (on a cumulative basis since FY 2012, including losses)
  • Strong pipeline of potential future litigation projects, diversified by litigation type and geography – 64 pre-qualified projects with estimated investment of A$409 million
    • Diversification in pipeline across geography (Australia, EMEA and Asia Pacific) as well as across single case, portfolio and corporate transactions
    • Future litigation projects include class action, commercial claims, insolvency, international arbitration, and corporate transactions
  • Funded first corporate portfolio transaction in October 2018 in the building and construction sector. Corporate transactions represent a growth opportunity for LCM, as the Company is currently considering eight significant corporate portfolio transactions as part of its pipeline of investment opportunities
  • LCM is now a truly global litigation finance provider following the launch of offices in London (covering EMEA) and Singapore (covering Singapore and Hong Kong), with both regions representing a significant growth opportunity for LCM going forward
  • Completion of listing on AIM in December 2018 and delisting from ASX
  • Significant strengthening to management team and board through the appointments of Nick Rowles-Davies as Executive Vice Chairman, Stephen Conrad as Chief Financial Officer and Jonathan Moulds as Non-Executive Director

Patrick Moloney, CEO of LCM, said:

“We are delighted to present our first set of financial results as an AIM-listed company. The strength of our performance is reflective of the consistent approach and focus we have ensuring that we continue to deliver strong returns across our existing portfolio. We have significantly expanded our operations to create a truly global platform for LCM.

“Our listing on the London Stock Exchange was a key milestone for the company and raised necessary capital to help fund future litigation projects and investments. Since LCM has become a London listed company, we have already seen a notable increase in the litigation funding products that we offer across the mix – including single case, portfolio and corporate transactions.

“Our geographical expansion, with new offices in both London and Singapore, has naturally seen the team grow and industry leading experienced individuals have been added to the Board and senior management team. This has created a strong foundation for LCM to continue to pursue exciting growth opportunities and maintain its position as a leader in the growing litigation finance market.”

About LCM

  • LCM is a leading international provider of litigation financing solutions
  • This includes single-case and portfolio; across class actions, commercial claims, claims arising out of insolvency and international arbitration
  • LCM has an unparalleled track record, driven by effective project selection, active project management and robust risk management
  • Headquartered in Sydney, with offices in London, Singapore, Brisbane and Melbourne, LCM listed on AIM in December 2018, trading under the ticker LIT
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Announcements Commercial

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By John Freund |

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Announcements Commercial Legal Innovation

Sentry Expands Free Funding Market Search for Litigators

By John Freund |

Sentry Funding’s free tool enabling litigators to instantly search the funding market on behalf of clients has been expanded.

Sentry’s free ‘decision in principle’ feature enables lawyers to evidence to clients that they have conducted a broad market search, even if funding is not ultimately taken out.

Having deployed £125m in funding across a range of case types, Sentry now has access to an even broader funding marketplace, covering 34 global jurisdictions. Finance is provided by 13 funders, five of which are members of the Association of Litigation Funders.

With the recent addition of Sentry’s first US-based funder, the US offering will now be expanding over the next few months. 

A faster process

Sentry has deployed the latest technology to make the search for funding even easier. 

  • The intuitive application process now only asks questions relevant to previous answers, saving lawyers time.
  • The commercial marketplace has been redeveloped with 63 new data points added to the funder criteria matrix - improving the accuracy of case / funder matching
  • Sentry has also begun building out its AI capabilities, starting with an automated auditing tool for live case progression audits. 

Tom Webster, chief executive officer at Sentry Funding, said:

‘By broadening our reach and speeding up the process, we’re making it even easier for lawyers to raise funding. We’re also giving litigators an easy way to show clients they have fully researched the market, rather than just approaching one or two funders. 

‘The service is free to use, so even if clients decide they do not ultimately want funding or if none is available for that case, for the lawyer, it makes sense to use our “decision in principle” feature, so they can put evidence on file that they did check the market.’

Sentry Funding is an SaaS (software as a service) technology provider that gives solicitors access to a diverse marketplace of litigation funders. It works with solicitors, funders and third-party providers to ensure claimants are getting the most efficient service for their funding needs. 

The Sentry Portal also acts as a case management system that runs a transparent digital case file for solicitors, funders, after-the-event insurance providers, barristers, cost lawyers and other relevant third parties.