21st Nov 2019 10:51
(Alliance News) - Litigation financing firm Manolete Partners PLC on Thursday reported "excellent" progress in the 11 months since it listed in London.
The company joined AIM shortly before Christmas last year, raising GBP16 million in an initial public offering at 175 pence. Shares were 7.9% lower on Thursday at 469.60p in London.
Manolete's investment in cases for the six months to September rose 83% year-on-year to GBP25.4 million, and revenue was 15% higher at GBP7.5 million.
Manolete's pretax profit surged 42% to GBP4.3 million, and it has declared a 0.5 pence per share interim dividend from none the prior year.
London-based Manolete has a "high level" of near-term case completions, with 32 set to conclude in the coming months. As of September 30, it had 131 cases in progress, 72% above the previous year.
"We are well positioned to grow our business profitably given our dominant position in the specialist insolvency litigation market, our growing network of insolvency practitioners and the strong funding position of the group," said Chief Executive Steven Cooklin.
By George Collard; [email protected]
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