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Manolete Partners - Further Update re COVID-19

RNS Number : 7282L
Manolete Partners PLC
04 May 2020
 

4 May 2020

 

 

Manolete Partners PLC

("Manolete" or the "Company")

 

Further Update re COVID-19

 

Further to the update issued on 2 April 2020, Manolete Partners plc (AIM:MANO), the leading listed UK insolvency litigation financing company, provides the following operational update.

As the COVID-19 crisis develops, Manolete continues to perform well. Key Performance Indicators for the calendar year to date are as follows:

 

1.   Case Enquiries







Jan

Feb

March

April

Total







 Year 2020

80

51

50

57

238







 Year 2019

17

27

32

28

104







Difference

371%

89%

56%

104%

129%

 

The table above illustrates that the number of case enquiries as the pandemic arose in March and April were in line with the levels of enquiries pre-COVID-19 and were significantly ahead of comparable 2019 enquiry levels.

The January 2020 enquiry level was particularly high reflecting the inclusion of an unusually large block of 21 cases from a single Insolvency Practitioner.

 

2.   New Signed Cases







Jan

Feb

March

April

Total







 Year 2020

12

17

15

14

58







 Year 2019

7

10

4

6

27







Difference

71%

70%

275%

133%

115%

 

The table above illustrates that the number of new signed cases were in line with pre-COVID-19 numbers and were significantly ahead of the comparable 2019 statistics.

Four cases were completed in April 2020 which compares with 54 cases for the whole of the last financial year ended 31 March 2020 (8 cases completed in March 2020).

Steven Cooklin, CEO of Manolete Partners, commented: "Manolete has adapted well to the unprecedented challenges presented by the current crisis. As many have predicted, this crisis is likely to lead to widespread global economic disruption. We expect that there will be an unavoidable knock-on effect for the UK economy and we would expect that this will lead to an increase in case referrals to Manolete in the months to come. As market leader in the UK insolvency litigation financing sector, Manolete has the balance sheet to support the important work of the Turnaround Restructuring and Insolvency Professionals who are helping many companies navigate these challenges."

For further information please contact:

Manolete Partners                                                       

Steven Cooklin (Chief Executive Officer)                      via Instinctif Partners

 

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

Guy Wiehahn

Rishi Shah

 

Instinctif Partners                                                       +44 (0)78 3767 4600

Tim Linacre

Lewis Hill

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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Price: 280

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