Manolete Partners PLC (AIM:MANO) has reported record levels of new case investments, case enquiries, case completions, and gross cash recoveries for the year ending 31 March 2023 (FY23).
In a further trading update, the leading UK insolvency litigation financing company said the final number of new case investments for FY23 was 263, representing a 65% increase from the previous year.
For the full year, new case enquiries reached a record high of 798, a 48% increase from the previous year, and completed cases amounted to 192, a record number for the company.
Manolete said gross cash recoveries from previously completed cases also hit a record level of £26.7mln, a 72% increase from the previous year.
In the update, Steven Cooklin, CEO of Manolete, said: "Having navigated through a very testing last two years due to the unique challenges of COVID-19, we are pleased to see the business drive back into profitability in the second half of FY23, driven by record numbers of new case enquiries, new case investments and case completions.
"Organic cash generation from previously completed cases also hit a record level in FY23 with gross cash of £26.7m and our best ever net cash generation."
After a pretax loss of £5.5mln for H1 FY23, Manolete said it expects to report a pretax profit of £1.6mln for H2 FY23, resulting in a full-year pretax loss of £3.9mln.
Despite challenging macro headwinds such as high inflation and interest rates, the company said it expects its market to remain strongly buoyant for the foreseeable future.
In early trade on Thursday, Manolete shares were 3.3% higher at 222p.