[Nick Hargrave]

FY results were published this morning:
https://www.londonstockexchange.com/news-article/MANO/audited-results-for-the-year-ended-31-march-2022/15507876

We have updated our model for the actual Mar-22 figures in place of our estimates and while revenue was slightly below estimates, lower costs left EBIT broadly in line

With a positive outlook statement we have not changed our forecasts and so are not publishing an updated memo at this time. The key points from the outlook are:

“The monthly number of UK company insolvencies, particularly CVLs, has now consistently returned to pre-pandemic levels for an extended period. I am pleased to report that this is starting to reflect in the numbers of our monthly new case enquiries. Following a sharp decline in the second half of our financial year ended 31 March 2021, new case enquiries have been rising at an increasingly faster pace. In the latest full month of May 2022, we received 61 new case enquiries, the highest monthly level since July 2020.”

Cartel Cases
There have been material developments relating to the Company’s cartel cases in recent months. These continue to progress well and we are now at an important juncture for these cases. The trials of two large truck cartel cases (relating to British Telecom Plc and Royal Mail Plc) have now commenced and there is likely to be significant ‘read across’ to the Company’s 22 cartel cases. The Company has been advised that there is a high likelihood that the judgments on those two leading test cases will be issued during FY23. The Company is due to issue its own claims this summer. While the development of these Cartel Cases had been previously delayed due to the Court’s issues relating to Covid-19, the Company made no change to its carrying values of these cases. However, with these important test cases having now commenced and on strong advice from Queens Counsel on the merits of the Company’s 22 claims, the Company has now materially increased the carrying value of the cartel cases from £7.1m to £12.2m as at 31 March 2022.

• This topic was modified 1 year, 5 months ago by Nick Hargrave.

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