Full year audited results for the year ended 30 June 2024

Highlights

• Net realised gains of A$32.2m (FY23: A$51.5m), with concluded case investments generating a 2.4x multiple of cash invested (MOIC)
• Total income of A$44.7m (FY23: A$67.7m)
• Profit after tax for the period of A$12.7m (FY23: A$31.5m)
• Dividend of 1.25p (FY23: 2.25p)
• Net assets of A$188.9m (FY23: A$183.5m) with cases conservatively valued at 1.9x cash invested
• Book value per share of 94.4 pence (FY23: 90.3 pence)
• Total new commitments of A$279m added in the period (FY23: A$176m)
• Fund I which comprises US$150m of external capital is fully committed and Fund II which comprises US$291m of external capital is 58% committed
• Share buyback program is 70% complete and remains ongoing

Strategic Update

• The Company is continuing its transition to asset management. Fund III marketing to commence towards the end of 2024 calendar year
• Preparing a disciplined and staged entry into the US market.
• Acquired the intellectual property of a cutting edge legal finance Big Data/AI platform. Application of this technology to form part of US market entry and drive enhanced origination and investment diligence more broadly across the Company

Commenting on the results, Patrick Moloney, CEO of Litigation Capital Management, said:

“We are pleased to have extended our industry-leading track record with successful case outcomes over the past 12 months driving our 13-year investment performance to an impressive 2.9x multiple of invested capital. Our transition from balance sheet funder to high return asset manager is progressing well, and we are looking forward to engaging with our LP investor base as we commence marketing for Fund III.

“With our London operations firmly established, having generated realisations of over £100m at a MOIC exceeding 3x, we are now strategically preparing for a disciplined and staged entry into the US market. As part of this strategic initiative, we’ve recently acquired the IP of a leading legal finance Big Data/AI platform. We see substantial opportunities to leverage this technology across our business in an asset class that is ideally suited for such innovation.”

News in full

In the interview below LCM’s CEO Patrick Moloney outlines the Group’s performance and business model at last years Year End Results