Manolete Partners PLC Further Trading Update (8857W)
20 Avril 2023 - 8:00AM
UK Regulatory
TIDMMANO
RNS Number : 8857W
Manolete Partners PLC
20 April 2023
20 April 2023
Manolete Partners PLC
("Manolete" or the "Company")
Further Trading Update
Manolete Partners plc (AIM:MANO), the leading quoted UK
insolvency litigation financing company, is pleased to provide the
following additional update on trading for the year ending 31 March
2023 ("FY23").
This announcement follows on from our recent Trading Update
dated 14 March 2023.
All figures contained in this announcement are subject to full
audit.
1. Record New Case Investments
The final number of new case investments for FY23 was 263, 65%
higher than the 159 new case investments for FY22. The FY23 number
is the highest Manolete has ever recorded.
For H1 FY23, new case investments were only 6% higher than H1
FY22. For H2 FY23, new case investments were 122% higher than H1
FY22, as the UK insolvency market returned to more normal operating
conditions following a two-year suppression of the market by the UK
Government in response to the Covid-19 pandemic.
2. Record New Case Enquiries
For the full FY23, new case enquiries increased by 48% to a
record high of 798 (FY22: 540), again driven by a particularly
strong rise of 60% in H2 FY23 compared to H2 FY22.
3. Record Case Completions
In FY23 Manolete completed a record number of cases: 192 (FY22:
139 completed cases) representing an aggregate of GBP33.7m (FY22:
GBP15.3m) legally binding settlements, together with a small number
of favourable judgments. This record level of completed cases will
drive cash income for the foreseeable future, as the Company
collects in the cash owed by defendants on these matters.
4. Record Gross Cash Recoveries
In FY23, Manolete delivered record gross cash recoveries from
previously completed cases of GBP26.7m, 72% higher than the
GBP15.5m for FY22. The GBP26.7m is spread across 237 separate
completed cases (FY22: 183) at an average of GBP113k per case
(FY22: GBP85k).
For FY23, after all costs (including new case investments,
taxation, dividends and interest), the Company generated GBP1.9m of
net free cashflow compared to a net outflow of GBP4.4m for
FY22.
5. Profit Estimate
Whilst subject to full audit, after a PBT loss of GBP(5.5)m for
H1 FY23, the Company expects to report a PBT profit of GBP1.6m for
H2 FY23. Consequently, the Board expects the PBT loss for the full
year ended 31 March 2023 to be GBP(3.9)m.
Steven Cooklin, CEO, commented: "Having navigated through a very
testing last two years due to the unique challenges of Covid-19, we
are pleased to see the business drive back into profitability in
the second half of FY23, driven by record numbers of new case
enquiries, new case investments and case completions. Organic cash
generation from previously completed cases also hit a record level
in FY23 with gross cash of GBP26.7m and our best ever net cash
generation. With the UK economy facing challenging macro headwinds,
particularly high inflation and high interest rates, we expect our
market to remain strongly buoyant for the foreseeable future."
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
Paul Shackleton
Instinctif Partners +44 (0)20 7457 2020
Tim Linacre
Victoria Hayns
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END
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