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Manolete Partners - Trading Update

RNS Number : 4167Q
Manolete Partners PLC
19 February 2019

19 February 2019



Manolete Partners PLC

("Manolete" or the "Company")


Trading Update

Manolete Partners plc (AIM:MANO), a leading UK insolvency litigation financing company, is pleased to provide the following update on trading.


Since the announcement of the Company's unaudited interim results in December 2018, trading has continued to be strong, driven by increased business activity levels, robust levels of case realisations and significant progress on larger projects, leading to an increase in the fair value of Investments. As a consequence, results for the year ending 31 March 2019 are likely to be ahead of current market expectations, with operating profit growth of approximately 70%.


In the financial year to date, the Company has invested in 55 new insolvency litigation cases (excluding two new Competition Cases) of which 48 have been purchased (87%) and 7 funded (13%). By way of comparison, Manolete invested in 29 insolvency litigation cases (excluding Competition Cases) for the whole of the financial year ended 31 March 2018.


In the financial year to date, 31 cases have been completed, generating Gross Proceeds of £9.2m.


Steven Cooklin, Chief Executive Officer, commented:


"The strong performance we saw in the year ended 31 March 2018 has continued into the current trading period. Throughout the year we have seen accelerating levels of business activity and pleasing progress on larger projects. Since securing the £10m Revolving Credit Facility from HSBC in January 2018 (which was increased to £20m in December 2018), together with the £14.7m net proceeds from our IPO, we have steadily increased deployment of our financial resources to drive stand-out returns and continued profit generation. Our investment decisions are always underpinned by our core ability to source, analyse and price complex legal risk."


All terms in this Announcement are consistent with the AIM Admission Document, published on 30 November 2018.


This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR").


For further information please contact:


Manolete Partners                                                       

Steven Cooklin (Chief Executive Officer)                      via Instinctif Partners


Peel Hunt (NOMAD and Sole Broker)                        +44 (0)20 7418 8900                                       

Guy Wiehahn

Adrian Haxby

Rishi Shah


Instinctif Partners                                                        +44 (0)20 7457 2020

Tim Linacre

Catherine Wickman

Lewis Hill

Katie Bairsto


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Quick facts: Manolete Partners PLC

Price: 280

Market: AIM
Market Cap: £122 m

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