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Business Description: IMF (Australia) Ltd (IMF) is engaged in providing funding of legal claims and other related services, in Australia and in other jurisdictions, where the claim size is over AUD$5 million. IMF conducts its operations in Australia through its Australian Financial Services License, and in USA through its wholly owned subsidiary in New York.
Strategy Analysis: IMF's business model is to have close relationships with three to four legal firms in each state who will carry out a large part of the litigation funded by IMF. The model allows IMF to have the full services of 30 or so legal firms around Australia as independent contractors providing their services to IMF's clients on an agreed and discounted basis. The company investment is used to carry out the action and cover any adverse costs. Services provided include case appraisal, case management and multi-claimant management. The company will only invest in actions with a minimum claim of $2m. In 2008, IMF established the joint venture with interests associated with Maurice Blackburn Pty Ltd in Ireland, Claims Funding International plc (''CFI'') to pursue opportunities in Europe. CFI is yet to fund any matters but has been actively involved in trying to establish credibility and an amenable operating environment for the business in England and Continental Europe.
IMF (Australia) reported NPAT down 53.07% to $5.6m for the half-year ended 31 December 2012. Revenue from ordinary activities were $13.2m, down 36.54% from last year. Diluted EPS was 3.83 cents compared to 8.15 cents last year. The net operating cash outflow was $19.83m compared to $6.09m last year. No dividend was declared.
The Age 24/05/2013 |
The door has been opened to full deregulation of electricity prices in NSW after a report found there was a high degree of competition, with more than 60 per cent of households on unregulated contracts.
The Age 24/05/2013 |
James Hardie expects no big improvement in the housing market this year but says the sector has stabilised after interest rate cuts.
The Age 24/05/2013 |
Foster's owner SABMiller reported a 5 per cent drop in sales volumes in Australia over the past year but notched up 3 per cent growth in the fourth quarter, boosted in particular by the relaunch of Victoria Bitter.
The Age 24/05/2013 |
The ASX took more than three hours to tell stockbrokers and investors a computer failure had knocked out its critical market announcements feed in October last year, according to a new investigation into the incident.
The Age 24/05/2013 |
The Australian dollar plunged to its lowest level in a year, shedding over US2¢ in a session, as traders reacted to contradictory comments from the head of the US Federal Reserve on Thursday.
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