Last checked at 4 May 2020 07:00
4 May 2020
Manolete Partners PLC
("Manolete" or the "Company")
Further Update re COVID-19
Further to the update issued on 2 April 2020, Manolete Partners plc (AIM:MANO), the leading listed UK insolvency litigation financing company, provides the following operational update.
As the COVID-19 crisis develops, Manolete continues to perform well. Key Performance Indicators for the calendar year to date are as follows:
1. Case Enquiries | |||||
Jan | Feb | March | April | Total | |
Year 2020 | 80 | 51 | 50 | 57 | 238 |
Year 2019 | 17 | 27 | 32 | 28 | 104 |
Difference | 371% | 89% | 56% | 104% | 129% |
The table above illustrates that the number of case enquiries as the pandemic arose in March and April were in line with the levels of enquiries pre-COVID-19 and were significantly ahead of comparable 2019 enquiry levels.
The January 2020 enquiry level was particularly high reflecting the inclusion of an unusually large block of 21 cases from a single Insolvency Practitioner.
2. New Signed Cases | |||||
Jan | Feb | March | April | Total | |
Year 2020 | 12 | 17 | 15 | 14 | 58 |
Year 2019 | 7 | 10 | 4 | 6 | 27 |
Difference | 71% | 70% | 275% | 133% | 115% |
The table above illustrates that the number of new signed cases were in line with pre-COVID-19 numbers and were significantly ahead of the comparable 2019 statistics.
Four cases were completed in April 2020 which compares with 54 cases for the whole of the last financial year ended 31 March 2020 (8 cases completed in March 2020).
Steven Cooklin, CEO of Manolete Partners, commented: "Manolete has adapted well to the unprecedented challenges presented by the current crisis. As many have predicted, this crisis is likely to lead to widespread global economic disruption. We expect that there will be an unavoidable knock-on effect for the UK economy and we would expect that this will lead to an increase in case referrals to Manolete in the months to come. As market leader in the UK insolvency litigation financing sector, Manolete has the balance sheet to support the important work of the Turnaround Restructuring and Insolvency Professionals who are helping many companies navigate these challenges."
For further information please contact:
Manolete Partners
Steven Cooklin (Chief Executive Officer) via Instinctif Partners
Peel Hunt (NOMAD and Broker) +44 (0)20 7418 8900
Guy Wiehahn
Rishi Shah
Instinctif Partners +44 (0)78 3767 4600
Tim Linacre
Lewis Hill