UK's Manolete falls on HY operating loss

Manolete Partners

10/11/2022 12:18

** Shares of litigation financing firm Manolete  MANO.L 
down as much as 10% at 234p
    ** Co posts HY operating loss of 5.3 mln pounds ($6.03 mln)
in the six months ended Sept. 30 compared to profit of 3.2 mln
pounds for H1 FY22
    ** Adds H1 FY23 affected by a write down of a large
investment in unrealised revenue due to an adverse judgement
which co can now appeal
    ** Co posts HY total revenues of 5.5 mln pounds, 46%
decrease from 10.2 mln pounds in H1 FY22 
    ** Stock set to post biggest intraday loss in almost two
months
    ** Peel Hunt retains 'Hold' rating, increases target price
from 210p to 250p to reflect strengthening outlook
    ** Including session's loss, stock has risen 2% YTD
($1 = 0.8787 pounds)
 (Reporting by Hani Kollathodi in Bengaluru)
 ((Hani.Kollathodi@thomsonreuters.com;))