Specialist litigation funder Manolete has posted an upbeat set of interim results, hailing a growing case load and rising profits.
According to unaudited half-year results for the six months ended 30 September 2019, profit after tax grew by 41% to £3.5m, while revenue increased by 15% to £7.5m.
Manolete funds or buys insolvency claims, and has invested in 300 claims since it was founded in 2009. It listed on the junior AIM market last December.
Over the past six months, the business has taken on 65 new cases, more than double the number taken on in the comparable six-month period last year. Manalote’s share price has also increased, from 175p when it first floated to 464p today.
CEO Steven Cooklin said: ‘These are a strong set of interim results which showcase the excellent progress of the business since the IPO in December 2018.
‘We continue to deliver stand-out returns for insolvency creditors and shareholders alike. We made 65 new case investments in the first six months of this financial year, benefitting from the availability of increased cash resources from the IPO and the establishment of our nationwide in-house legal team.’