19th Feb 2019 10:00
LONDON (Alliance News) - Manolete Partners PLC on Tuesday said it expects its full-year results due be ahead of market expectations after strong profit growth.
In December, Manolete reported a 58% increase in interim profit for the six months to September, with revenue climbing 33%.
Trading has continued to be strong since then, the insolvency litigation financing firm said, on the back of increased business, "robust" case realisations, and progress on larger projects.
So far, Manolete has invested in 55 new insolvency cases, compared to 29 in the whole of its last financial year ended March.
Chief Executive Steven Cooklin said: "The strong performance we saw in the year ended March 2018 has continued into the current trading period. Throughout the year we have seen accelerating levels of business activity and pleasing progress on larger projects.
"Since securing the GBP10 million revolving credit facility from HSBC in January 2018 (which was increased to GBP20 million in December 2018), together with the GBP14.7 million net proceeds from our IPO, we have steadily increased deployment of our financial resources to drive stand-out returns and continued profit generation. Our investment decisions are always underpinned by our core ability to source, analyse and price complex legal risk."
Manolete listed in December, the week before its interim results announcement, raising GBP14.7 million at 175 pence per share.
The stock was up 3.9% on Tuesday at a price of 283.00p each.
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