Litigation Funder Manolete Partners Profits up 40% to £9.5m
Updated: Jul 4, 2020
Insolvency litigation funder Manolete Partners recently posted its results for the year ended 31st March 2020, showing a pre-tax profit (before exceptional IPO costs) up 40% to £9.5m, with revenue also increasing by 36% to £18.7m (FY 19 £13.8m).
Further operational highlights included;
139% increase in new core investments in UK insolvency cases: 141 in FY20
Ongoing delivery of realised returns: 54 case realisations in FY20
ROI of 173% and Money Multiple of 2.7x from 257 completed cases since inception
33 cases already completed in the FY20 vintage at a Money Multiple of 4.6x
Average case duration across the full portfolio of 257 completed cases is 12m
81% increase in live cases: 152 in process as at 31 March 2020 (84 as at 31.3.19)
Over 200 live cases currently in process
New case enquiries at all-time record levels
47 new case investments made and 23 cases already completed in FY21 to date.
CEO Steven Cooklin commented: "We have delivered another set of strong financial and operating results, with impressive double-digit growth in revenue and EBIT during the period. We continue to deliver outstanding investment returns, yielding an average Money Multiple of 2.7x and ROI of 174% on 257 completed cases since inception”.
“Despite the challenges of COVID-19, activity levels within the business are at record levels, highlighted by the 47 new case investments (124% more than the same period last year) and 23 case completions (up from four in the same period last year) that the team has transacted in the first quarter of 2020-21.”
Cooklin went on to say “new case enquiries are also at all
-time record levels, running at around double the rate we had this time last year”.
Manolete shares rose 6% to 540p, nearing their all-time high.