1H23 Results
1H23 RESULTS | 23 FEBRUARY 2023
Financial highlights
OMNI
BRIDGEWAY
Highlights
Financial results
Portfolio performance
.
•
Diverse sources of revenue from litigation completions, a secondary
market sale, management fees, interest
Net loss after tax of $30.1m, down $21.4m
There is an estimated profit before tax of ~$33m inherent in the matters
for which income is yet to be recognised at 31-Dec-22, which if unlocked
prior to 1H23 period end would have resulted in a profit - satisfaction of
the income recognition criteria may result in recognition of this profit in
future periods
Completions were modest with a number of protracted settlement
mediations, albeit in advanced stages of litigation
Impairment expense and adverse costs down 88% to $3.7m due to
unusually high 1H22 impairments
Costs consistent with growth targets
Employee expenses up 29% with ~$7m of the change related to
headcount growth to 214 (from 183 at 31-Dec-21) reflected in improved
commitment levels, whist still achieving significant efficiency gains
Corporate overheads reflect resumed levels of pre-COVID expenditure
for certain categories, new operating locations
and investment in marketing efforts
Change
$m
1H23
1H22
from 1H22
Consolidated Group grossed up to include all Funds at 100%
Litigation investments proceeds
92.3
115.5
(20)%
Third party income from sale of investment vehicle
86.6
Less third party interest of Fund 5
(18.2)
Litigation investments proceeds
Management fees
160.7
115.5
39%
3.5
3.2
6.0
8.4
170.2
127.1
9%
(29)%
34%
Interest revenue and other
Total gross income and revenue
Litigation investments costs derecognised (non-cash)
(61.5)
(70.6)
(13)%
Reclassification to share of income from associates
(2.5)
Third party share of sale of investment vehicle
(86.6)
Total income
19.6
56.5
(65)%
Litigation investments - impairment and adverse costs
(3.7)
(31.0)
(88)%
Amortisation of litigation investments - claims portfolio
(2.7)
(2.4)
13%
Employee expenses
(39.0)
(30.3)
29%
Other expenses
(17.5)
(13.5)
29%
Fair value adjustments of financial assets and liabilities
2.4
Profit/(loss) before tax
(43.4)
(18.3)
136%
Income tax benefit / (expense)
Profit/(loss) after tax
13.3
(30.1)
9.6
(8.7)
39%
242%
5
Strategy
AnnexureView entire presentation