Omni Bridgeway Limited FY20 Results

Omni Bridgeway Limited (OBL) reported a net profit after tax of AUD17.6m for the year ended June 30, 2020. This compares with a net loss after tax of AUD(36.1m) in the prior corresponding period. The turnaround in profit was underpinned by the successful resolution of a number of cases in favour of OBL, generating revenue of AUD275.5m (compared with AUD35.0m in the prior corresponding period). This is OBL’s highest reported level of earnings from litigation cases in its history. Cash and net receivables increased by 44% to AUD325m.