Manolete Partners (MANO) H2 2026 earnings summary

Executive summary

• New management, including a new CEO and CFO, focused on financial metrics, transparency, and shareholder returns after a challenging year for investors.

• Business model centers on purchasing and monetizing insolvency claims, with in-house legal expertise driving control and efficiency.

• Strategic investments in the legal team and business development led to a record forward book of £67 million, up £18 million year-on-year.

• Focus on higher value, higher margin claims and operational efficiency positions the business for growth.

Financial highlights

• FY26 realized revenue was £27.9 million, down 6% year-on-year, with gross profit up 8% to £10.4 million.

• Adjusted realized PBT was £100,000, impacted by a £1.8 million bad debt provision.

• Gross cash receipts rose 4% year-on-year to £26.6 million.

• Net debt increased slightly to £11.5 million, with an RCF facility limit of £17.5 million.

• Over 293 cases completed, with average realized revenue per case at £95,000.

Outlook and guidance

• Record forward book increased 37% to £67 million, with large cases (≥£0.5 million) comprising £32 million.

• Medium-term targets include increasing realized revenue by 50% to £42 million and achieving realized PBT margins of 12%.

• Average claim value in the forward book rose to £158,000, supporting improved earnings visibility.

• No plans for share buybacks currently; capital prioritized for case investment and platform growth.

• Significant upside potential from ongoing Cartel cases, with £10 million in claims remaining.