Business
Audited results for the year ended 31 March 2022
Audited results for the year ended 31 March 2022.
About this update from Manolete Partners Plc
[{"type":"text","content":"\n \n \n \n 23 June 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n MANOLETE PARTNERS PLC\n \n \n \n (\"Manolete\" or the \"Company\")\n \n \n \n \n \n \n \n \n Audited results for the year ended 31 March 2022\n \n \n \n \n \n \n \n \n Manolete (AIM:MANO), the leading UK-listed insolvency litigation financing company, today announces its audited results for the year ended 31 March 2022.\n \n \n \n Steven Cooklin, Chief Executive Officer,\n \n commented:\n \n \n \n \"In what was a very challenging year, the Company has delivered a resilient performance demonstrating the robustness of our business model. As we return to more usual trading conditions, I am pleased to report that we are seeing strong growth in new case enquiries.\n \n \n \n \n \"The UK Government's response to the Covid-19 pandemic, which included widespread but temporary restrictions on the UK Insolvency and Restructuring Industry, created very challenging trading conditions for the Company. The temporary measures contained in the Corporate Insolvency and Governance Act 2020 (the \"Temporary Measures\") were enacted in June 2020 and were ended partly on 30 September 2021 and fully by 31 March 2022.\n \n \n \n \n \"The emergence of the Omicron variant towards the end of 2021 also had a material, but now steadily passing, impact on the ability of IPs and their lawyers to refer cases onto us. The UK insolvency industry is returning to more normal operating levels.\n \n \n \n \n \"The monthly number of UK company insolvencies, particularly CVLs, has now consistently returned to pre-pandemic levels for an extended period. I am pleased to report that this is starting to reflect in the numbers of our monthly new case enquiries. Following a sharp decline in the second half of our financial year ended 31 March 2021, new case enquiries have been rising at an increasingly faster pace. In the latest full month of May 2022, we received 61 new case enquiries, the highest monthly level since July 2020.\n \n \n \n \n \"I was delighted that we were able to complete a significant case for £9.5m shortly after the year end. We have received all of our costs and profit share in cash. That has materially enhanced the balance sheet strength of the Company, which helps position us well for the significant opportunities that lie ahead.\n \n \n \n \n \"In ...