Wed, 23rd Jun 2021
Litigation funder Manolete booked a 26% drop in annual profit, citing a UK government move to suppress insolvencies, drop in the value of in-process cases and higher staff costs. Manolete also announced the departure of chairman Peter Bertram, who would be replaced by senior director Howard Leigh after its annual general meeting. Pre-tax profit for the year through March declined to 7.0 million, down from 9.5 million year-on-year, even as revenue rose 49% to 27.8 million. The company declared a final dividend of 1p per share. Manolete said the fall in profit reflected, in part, a ‘lower level of unrealised profits due to exceptional government measures’. The fall also was pinned on a more conservative assessment of …
Read the full article at: https://shareprices.com/news/manolete-profit-drops-26-after-uk-government-supresses-insolvencies-dedv63kgqc9ykci
