- UK-listed insolvency litigation financing company Manolete's profit after tax up was 49% in the six months ended 30 September after seeing an increase in the number of new case investments.

Profits after tax were £5.2 million for the first half of the financial year compared to £3.5 million for the same period in the previous year. Basic earnings per share were up 49% to 11.8 pence from 7.9 pence in the previous year.

Cash generated from completed cases rose 45% to £4.2 million while investment in cases grew 55% to £39.3 million since 30 September 2019.

The firm completed 52 cases in the six-month period - almost three-times as many cases completed than the first six months of last year and close to the 54 cases completed for the whole of the previous full financial year. It made 110 new case investments that meet our stringent selection criteria in the first half of this financial year, 69% more than the same period last year.

CEO Steven Cooklin said: 'The Board is keeping a close watch on the effects of Covid-19 as well as the Government economic support measures and the impact these two opposing factors may have on the level of corporate insolvencies and personal bankruptcies in the short and longer term.'

At 9:33am: [LON:MANO] Manolete Partners PLC share price was +25p at 305p

Story provided by