Rbg Holdings Regulatory News (RBGP)

9 July 2020

RBG Holdings plc

(the "Group")

Pre-close Trading Update

RBG Holdings plc (AIM: RBGP), the professional services group, today provides a pre-close trading update ahead of the publication of the Group's results for six months ended 30 June 2020. The Group expects to announce its interim results on the 16 September 2020.

During the Covid-19 crisis the Group's law firm, Rosenblatt Limited ("Rosenblatt"), has continued to successfully serve its clients remotely, winning a broad range of new instructions, including corporate transactions, employment advisory work and financial restructuring mandates. Due to this strong demand, revenue from fees earned by Rosenblatt in the first six months are 38% ahead of the same period last year, at approximately £11.4 million (2019: £8.2 million). While the Group continues to enjoy a strong pipeline of opportunities, the Board notes that it is not certain that this rate of growth will continue in the second half of the year.

There have been no revenues from Litigation Finance sales during the first six months (2019: £2 million). Since the beginning of May, following the planned recruitment of additional resource into this division, the Group has approved and expects to execute four potentially significant commercial litigation financing transactions imminently. In addition, the division has a growing pipeline of viable opportunities. In line with its strategy, the Group will sell down a proportion of these investments as it has done in 2019.

Convex Capital, the specialist sell-side corporate finance boutique, which was acquired by the Group in September 2019, recognises revenue on the completion of transactions. As a result of the Covid-19 crisis, Convex has experienced the deferral of nearly all the transactions planned for the first half of 2020. While Convex continues to have a potentially strong pipeline it is not clear how many of the planned transactions will be executed in the second half of the year.

Given the continuing uncertainty, in common with many other companies, the Board will therefore continue not to provide market guidance until the Board can forecast with more accuracy.

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About RBG Holdings plc

RBG Holdings plc is a professional services group, which includes one of the UK's pioneering law firms, Rosenblatt Limited, which is a leader in dispute resolution.

Rosenblatt Limited provides a range of legal services to its diversified client base, which includes companies, banks, entrepreneurs and individuals. Complementing this is the Company's increasingly international footprint, advising on complex cross-jurisdictional matters. Rosenblatt Limited's practice areas include dispute resolution, financial crime, corporate, banking and finance, insolvency and financial restructuring, construction and projects, employment, financial services, IP/technology/media, real estate, regulatory and tax resolution. The Group also provides litigation finance in selected cases through a separate arm.

The Group also owns Convex Capital Limited, a specialist sell-side corporate finance boutique, based in Manchester, UK. Convex is entirely focussed on helping companies, particularly owner-managed and entrepreneurial businesses, realise their value through sales to large corporates. Convex identifies and proactively targets firms that it believes represent attractive acquisition opportunities.