Manolete sees strong trading continue in 2019
By Iain Gilbert
Date: Tuesday 19 Feb 2019
(Sharecast News) - Insolvency litigation financier Manolete Partners has seen the strong performance last year carry over into the first couple of months of 2019.
Manolete said trading had been "strong" since the announcement of its unaudited interim results in December, 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 its investments.
As a result, the AIM-listed outfit already expects results for the year ending 31 March 2019 to likely be ahead of current market expectations - with operating profit growth of roughly 70%.
So far this year, Manolete has invested in 55 new cases and completed 31, generating gross proceeds of £9.2m in the process.
Chief executive Steven Cooklin said: "Throughout the year we have seen accelerating levels of business activity and pleasing progress on larger projects."
Cooklin added that Manolete had also seen accelerating levels of business activity and "pleasing progress on larger projects" since securing its £10m revolving credit facility, together with the £14.7m in net proceeds from its IPO.
"We have steadily increased deployment of our financial resources to drive stand-out returns and continued profit generation."
As of 0900 GMT, Manolete shares had picked up 3.62% to 282.37p.
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