Manolete Partners (LSE:MANO), the UK's leading insolvency claims financing company, said it expects Realised Revenue for the year ended 31 March to be c.£28m, in line with expectations, following stronger second-half completions of higher-value, higher-margin cases.
Realised Revenue of c.£28m compares with £29.5m in FY25, gross cash receipts were £26.6m (FY25: £25.6m), net debt increased to £11.5m (FY25: £11.1m) and there was a free cash outflow of £0.2m (FY25: inflow £0.5m).
"We performed well in the second half, with higher-value case completions driving improved trading and a significantly increased forward book, which gives us confidence to build on our market leadership as insolvencies remain elevated," Mena Halton, Chief Executive Officer.
The company noted two delayed payments from a small number of large debtors giving a net exposure of approximately £4.7m and said it may need to consider a provision in the region of £1.5m–£2m if circumstances do not change before audit conclusion, with Adjusted Realised PBT expected at £1.9m before any such adjustment (FY25: £0.6m).
The forward book grew to £67m at 31 March (FY25: £49m), driven by new legal hires and business development, £32m of new cases signed in FY26 (FY25: £26m) and £32m of forward book made up of large cases over £0.5m (FY25: £21m).
The Board said the larger forward book and an improving insolvency backdrop give it confidence of increasing Realised Revenue and Realised PBT in FY27.
