RBG Holdings PLC shares dropped on Thursday, after it said it has swung to a loss in the first half of 2023, on a revenue fall and cost climb.

Shares in RBG were down 9.4% to 20.84 pence each in London on Thursday afternoon.

In the first half of 2023, the London-based legal and professional services firm swung to a pretax loss of £13.3 million from a profit of £4.6 million a year earlier.

Revenue fell 18% to £20.5 million from £24.9 million.

It explained that ’other expenses’ jumped to £17.7 million from £3.9 million a year earlier.

Looking ahead, RBG said the first half of the is financial year has historically been the slower of the two halves, and it can already see this trend continuing, with a strong start to the second half.

It added that it expects to meet full-year market forecasts.

Chief Executive Jon Divers commented: ‘Over the last six months, the new leadership team has established a clear strategy to restore value to the group by focusing on the group’s core Legal Services business. Furthermore, we have reduced the group’s risk profile and are prioritising the payback of the company’s debt.’

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