19th Apr 2024 10:47
(Alliance News) - Manolete Partners PLC on Thursday said in the year ended March, it saw strong momentum and a return to profit.
The Buckinghamshire, England-based insolvency litigation financing firm explained that this was achieved "through a combination of new case investment and case completion volumes running at record highs and an increasing bias towards larger cases."
It added that there were 311 new case investments in financial 2024, 18% higher annually from 263.
Chief Executive Officer Steven Cooklin commented: "During [financial 2024], the UK insolvency market showed it was fully rehabilitated from the temporary two-year suppression of insolvencies that the government had enacted during the Covid-19 pandemic. Significantly higher prevalent interest rates, heightened concerns over geo-political conflicts in Eastern Europe and the Middle East and the withdrawal of the largescale financial supports provided by the Government to UK businesses during the Covid-19 period, has resulted in the highest level of UK insolvencies for 30 years.
"These factors led to a substantial and sustained rebound in the number of Manolete's case enquiries and new case investments in the first half of the current financial year. That trend has continued into the second half, which has also seen a return of significantly larger value case investment opportunities, much more reflective of the more normal profile of the UK insolvency market that was witnessed in the years before the Covid-19 pandemic," he added.
Shares in Manolete Partners were up 1.5% at 149.75 pence each in London on Friday morning.
By Sabrina Penty, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.