Manolete Partners doubles dividend as profit jumps 59%

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Litigation financing group Manolete Partners posted a 59% rise in annual profit and doubled its dividend after it boosted its insolvency case load.

Pre-tax profit for the year through March increased to £9.5m, up from £5.9m on-year, as revenue jumped 36% to £18.7m.

The company declared a final dividend of 3.0p per share, up from 1.49p on-year.

'Despite the challenges of Covid-19, the activity levels within the business are at record levels, highlighted by the 47 new case investments and 23 case completions that the team has transacted in the first quarter,' chief executive Steven Cooklin said.

'New case enquiries are also at all-time record levels, running at around double the rate we had this time last year.'

Cooklin said the company entered the new financial year with £8.4m of gross cash, a positive net cash balance and £12m of our its HSBC revolving credit facility unutilised.

'All these factors firmly underpin our confidence in the current and future trading performance of the business,' he said.

'With the widely reported economic disruption likely to ensue, we expect new case enquiries to increase over the foreseeable future and we will continue working to deliver outstanding returns to both insolvent estates and investors.'