ME Group has reported a 400% increase in profit before tax, to £13.1m for the financial year ending March 2020, compared to £2.6m the year before.

Group turnover nearly tripled rose by £22.57m to £36.45m. from £13.88m in 2019.

This marks the third consecutive year of growth since ME Group began trading in August 2017.

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Rob Cooper (pictured), group CEO of ME group, said: “We have made excellent progress in restructuring the group to create ME Group’s litigation funding arm [ME Funding].

“Litigation funding is a fast growth UK alternative asset class which is receiving increased interest from global investors.

“We also concluded a partnership with Forbes Ventures to deliver the first securitisation of UK consumer litigation funding.

“We have successfully implemented our revised strategy to become a fully-fledged end-to-end platform for managing complex consumer disputes.”

Looking ahead, ME Group is forecasting double digit growth during the next 12 months as it develops next-generation technology to facilitate the resolution of complex financial disputes.

Cooper said: “The lockdown underscored the value of technology for the dispute resolution industry, which would have ground to a halt without it.

“Technology will become the norm for dispute resolution, not least because law firms and the public they serve have seen how technology both improves the quality of the customer journey and is much cheaper to use.

“ME Group is here to help law firms gain redress on their clients’ behalf, and help regulators make quick settlement decisions.

“This is especially the case right now with UK personal finances under increased pressure from the impact of the pandemic and a severe economic downturn.

“As a result, we expect to scale up our proposition this coming year, including recruiting more talent, to enable us to support more and more law firms with their work in this sector.

“COVID-19 proved the group’s technology capability, and the uncorrelated nature of litigation funding as an alternative asset class has only sought to increase appetite from credit investors.

“Our ethical and rigorous approach to governance combined with our unique LegalTech means that we are able to manage credit risk in ways that other market participants simply can’t.

“Our strategic partnership with Forbes Ventures, to deliver securitisation of UK consumer litigation funding, presents the Group with a significant opportunity which will form a key part of our future strategy.”