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RBG profit nudges higher; acquires Memery Crystal for £30m
StockMarketWire.com
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Professional services group RBG eked out a modest rise in annual profit and said it had agreed to acquire specialist law firm Memery Crystal for £30 million in cash and shares.
Pre-tax profit for the year through March increased to £7.7 million, up from £7.6 million year-on-year, as revenue and gains on litigation assets rose 8% to £25.6 million.
RBG had paid a dividend of 3p per share in respect of the 2020 financial year on 26 February.
'2020 was a year when the group demonstrated the resilience of its evolving business model, and how our diversified revenue streams can deliver robust and sustainable financial results, despite the challenges of the pandemic,' chief executive Nicola Foulston said.
Memery Crystal, she added, was 'a compelling operational fit with Rosenblatt, providing a greater corporate, commercial, and real estate offering than we have currently.'
Based in London, Memery Crystal has 146 employees, including 29 partners, and an additional 66 fee earners.
The acquisition price included £12 million in cash, £11.2 million in RBG shares and a further £6.8 million in cash deferred across 12 months.
At 9:23am: (LON:RBGP) Rosenblatt Group Plc share price was 0p at 60p
Story provided by StockMarketWire.com
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