Manolete Partners PLC Further Update re COVID-19 (7282L)
May 04 2020 - 1:00AM
UK Regulatory
TIDMMANO
RNS Number : 7282L
Manolete Partners PLC
04 May 2020
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
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END
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