Manolete Partners Posts Record Half-Year Revenue as Cash Receipts Fall and Net Debt Rises
Manolete Partners reported record half-year realised revenue of £17.4m and a record forward book, but cash receipts fell, net debt rose and a £3m settlement landed only at the end of the period.
Manolete Partners (LON: MANO) said record half-year realised revenue rose 23% to £17.4m, though cash collected fell and net debt increased.The AIM-listed company, which buys and finances insolvency claims and manages them to payment with an in-house legal team, updated the market today at 7am, before the open.
The six months to the 30th of September produced the highest half-year realised revenue the company has generated, against a restated £14.1m a year earlier. It completed 161 cases, up from 146, and more of them were large, meaning at least £0.5m of realised revenue each.
On that basis the board said it is confident of meeting market consensus for the year to 31 March 2027: realised revenue of £30.6m and adjusted realised pre-tax profit of £1.5m, the company’s own account of what the market expects. Chief executive Mena Halton said:
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We performed strongly in the first half, with record realised revenue in the period and further growth in the value of our forward book.
Mena Halton, Chief Executive Officer
Cash told a different story. Gross cash receipts were £12.8m, £1.7m below the £14.5m of the previous first half, because a large case settled for £3m at the end of the period and the money was not collected in time. The company announced that settlement on Friday.
Net debt rose £2.1m over the half to £13.6m, which the company attributed to cash timing and continued investment in new and ongoing cases. Enforcement continues against the two large debtors that did not pay as expected last year; excluding them, overdue debtors fell.
The forward book, the estimated revenue value of open cases excluding Cartel cases, reached a record £69m. Forecast revenue on cases signed in the half was £17.3m, the highest in any half year and up 26% from £13.7m.
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Measure
30 Sep 2025
31 Mar 2026
30 Sep 2026
Net debt
£10.8m
£11.5m
£13.6m
Forward book
£56m
£67m
£69m
Manolete’s revenue and signings rose in the six months to 30 September while cash receipts fell (£m; 2025 revenue restated). Source: company trading update.
Half-year results are due on Thursday the 19th of November and will show whether the £3m has been collected and whether net debt has eased. An Investor Meet Company presentation follows at 11:00 on Friday the 20th of November.
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