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Published on: May 5, 2023

Core strength, with LionFish sale underway

RBG’s FY22 results, announced on 26 April, reflected a year of significant progress and a strong performance from the core legal services business, RBGLS. The disposal of LionFish is progressing well, with four offers received and one at an advanced stage. LionFish has been classed as ‘discontinued’, allowing RBG to report a clean set of figures unencumbered by the LionFish losses. Revenue of £50.3m was 20% ahead of £42.0m in FY21, representing strong organic growth. Adjusted EBITDA increased 54% to £15.8m (FY21: £10.3m), in line with our forecasts. The outlook statement shows management as confident and on the front foot. We believe that a FY23E PER of only 6.4x is yet to reflect RBG’s sector-leading growth and margins, and our forecast 9% dividend yield.

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