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Last checked at 
19 Feb 2019 07:00
19 February 2019
Manolete Partners PLC
("Manolete" or the "Company")
Trading Update
Manolete Partners plc (AIM:MANO), a leading UK insolvency litigation financing company, is pleased to provide the following update on trading.
Since the announcement of the Company's unaudited interim results in December 2018, trading has continued to be strong, driven by increased business activity levels, robust levels of case realisations and significant progress on larger projects, leading to an increase in the fair value of Investments. As a consequence, results for the year ending 31 March 2019 are likely to be ahead of current market expectations, with operating profit growth of approximately 70%.
In the financial year to date, the Company has invested in 55 new insolvency litigation cases (excluding two new Competition Cases) of which 48 have been purchased (87%) and 7 funded (13%). By way of comparison, Manolete invested in 29 insolvency litigation cases (excluding Competition Cases) for the whole of the financial year ended 31 March 2018.
In the financial year to date, 31 cases have been completed, generating Gross Proceeds of £9.2m.
Steven Cooklin, Chief Executive Officer, commented:
"The strong performance we saw in the year ended 31 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 £10m Revolving Credit Facility from HSBC in January 2018 (which was increased to £20m in December 2018), together with the £14.7m 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."
All terms in this Announcement are consistent with the AIM Admission Document, published on 30 November 2018.
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
Guy Wiehahn
Adrian Haxby
Rishi Shah
Instinctif Partners +44 (0)20 7457 2020
Tim Linacre
Catherine Wickman
Lewis Hill
Katie Bairsto
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