Litigation Capital Management saw its share price dip 5.9% to 102.5p in early morning trading on Tuesday after the company reported no dividend payments for 2021.
The company reported a gross profit of A$13.9 million and an adjusted pre-tax profit of A$7.5 million.
The international asset manager also reported no dividend payments for shareholders as they reported a net decrease in cash of $7.9m.
“We have achieved great progress during the period despite disruption as a result of COVID-19 lockdowns and unprecedented restrictions in the areas we operate,” said Litigation Capital Management CEO Patrick Moloney.
“As conditions normalise and with the core executive team now in place in our London office, LCM is now in a stronger position to grow both divisions, enabling us to access greater amounts of capital and facilitate the expansion of our portfolio of investments.”
“The countercyclical nature of our industry suggests that economic and market conditions at present, represent a growing opportunity for the Company which will be realised over the long-term.”
“We look to the second half and beyond with optimism and confidence.”