UK's Manolete Partners down as annual profit slumps

Manolete Partners

23/06/2022 10:02

** Shares of litigation financing firm  MANO.L  down as much
as 5.2% at 275p - stock set to record its worst day in over
seven months
    ** Co's FY profit before tax down 35% to 4.5 mln pounds 
($5.49 mln), hit by COVID-led restrictions in the UK Insolvency
industry last year 
    ** MANO says COVID continues to impact its new business and
case completion rates in FY22
    ** The "Omicron variant (situation) towards the end of 2021
also had a material, but now steadily passing impact on the
resumption to normality of the UK insolvency industry"- Co 
    ** MANO says realised revenues in completed cases fell by
38% in FY 
    ** Peel Hunt downgrades recommendation to "hold" from "buy",
as uncertainty on the speed of recovery of MANO persists 
    ** Including sessions losses stock up 11% YTD



($1 = 0.8196 pounds)

 (Reporting by Sinchita Mitra in Bengaluru)
 ((Sinchita.mitra@thomsonreuters.com))