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Manolete Partners PLC on Tuesday said it swung to a loss in the first half of its current financial year despite revenue growth, due to an increase in its expenses. The Buckinghamshire, England-based insolvency litigation financing firm said it swung to a pretax loss of £185,000 during the six months that ended September 30, from a profit of £920,000 the year before. This was primarily due to cost of sales increasing 61% to £10.0 million from £6.2 million last year, and administrative expenses rising 8.8% to £3.7 million from £3.4 million. Finance expenses were up 33% to £859,000 from £647,000. Revenue grew 29% to £14.4 million from £11.2 million, slightly offsetting the increase in expenses. Chief Executive Officer Steven Cooklin said: ‘As a consequence of Manolete completing a record number of 137 case completions, realised revenues rose by 60% to a further record high of £15 million. That is a strong indicator of further, and similarly high levels, of near-term future cash generation. A record pipeline of 437 new cast investment opportunities were received in this latest six-month trading period, underpinning the further strong growth prospects for the business. ‘New cast investment opportunities arise daily from our wide-ranging, proprietary, UK referral network of insolvency practitioner firms and specialist insolvency and restructuring solicitor practices. We are delighted to report that the referrals for the first half of financial 2025 reached a new first-half company record of 437. A 27% higher volume than in the first half of financial 2024, which was itself a new record for the company this time last year. That points to a very health pipeline as we move forward into the second half of the trading year.’ Shares in Manolete Partners were down 11% at 101.00 pence each in London on Tuesday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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