Manolete Partners PLC Further Update re COVID-19 (7282L)

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)                                  [phone] 

Guy Wiehahn

Rishi Shah

   Instinctif Partners                                                        [phone] 

Tim Linacre

Lewis Hill

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May 04, 2020 02:00 ET (06:00 GMT)