Manolete Partners PLC - London-based insolvency litigation financing company - Says trading during the six months to September 30 has been in line with the board's expectations. Says during period, 64 cases were completed, 23% higher than the 52 case completions at the same time last year, which had settlement value of GBP7.9 million. Manolete says it has started the second half of its financial year with 262 live cases in progress.
"The Manolete business has performed admirably despite the extraordinary temporary measures enacted by the UK government designed to suppress UK insolvencies and to support UK employment levels. Effective from the start of this month, those measures have now very largely ended with a return to broadly normal insolvency processes," says Chief Executive Officer Steven Cooklin.
"With a return to largely normal UK insolvency processes from 1 October 2021, Manolete is well positioned to benefit from that and the likely, widely predicted, increase in insolvency appointments as the economy realigns from the effects of the pandemic," he adds.
Current stock price: 310.00 pence
Year-to-date change: up 14%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Manolete Partn. (MANO)