9 September 2022
THE INFORMATION COMMUNICATED IN THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014 ("MAR"). Steven Cooklin Chief Executive Officer of Manolete Partners Plc is the person responsible for this disclosure.
Manolete Partners Plc
("Manolete" or the "Company")
H1 Trading Update
Manolete Partners Plc (AIM: MANO), the leading listed insolvency litigation financing firm in the
Separately, reflecting the widely reported deterioration and challenges presenting in the
As a combination of both of these factors, the Company expects to announce a pre-tax loss of c.
Underlying business performance and cash generation
Despite these negative factors, the business continues to operate well, in particular, gross cash generation from completed cases in the first five months of the current trading year is at a record
From 1 April 2022,
Steven Cooklin, CEO of Manolete commented: "The Board and our legal advisers were surprised and disappointed by the very rare adverse initial judgment that we received on one of our larger cases, a case that we originally signed up in 2019. For the first time in our 13-year history, we have applied for permission to appeal that decision to the Court of Appeal. We have taken a cautious stance by reducing the carrying value of that case to zero until we know the final outcome of the appeal process. On the wider front, while we have taken a deliberately prudent view on the latest valuation of the portfolio of our 280 in-process cases, we note that our key forward-looking performance indicator of 'new case enquiries' is now showing strong signs of recovery. I am optimistic that the second half of this financial year and beyond will see much improved trading results".
For further information, please contact:
Manolete Partners Plc via Instinctif Partners
Steven Cooklin (Chief Executive Officer)
Peel Hunt (NOMAD and Sole Broker) +44 (0)20 7418 8900
Paul Shackleton
Instinctif Partners (Financial PR)
Tim Linacre +44 (0)7949 939237
Victoria Hayns