Cabot Credit Management (Cabot), a market leader in European credit management services, today announced the financial results for year ended 31 December 2018.
- 18% Adjusted EBITDA growth to £350 million at 63.5% margin
- £333 million of capital deployment at consistent money multiples
- 120 month ERC up 13% to £2.7 billion
- Leverage lowered to 4.1x at year end
- Servicing revenue grew 104% compared to 2017, up to £82 million, representing 21% of total revenues
- Announcing commitment to bring leverage down to 3.0x – 3.5x by the end of 2021
Ken Stannard, Chief Executive Officer, Cabot Credit Management, said: “During this year our company has delivered another strong operating performance and has maintained capital management discipline in a competitive market. We deployed £333 million of capital during the year at consistent return levels. Compared to 2017, our servicing revenues have grown by £42 million and we have delivered Adjusted EBITDA of £350 million for the year whilst reducing our leverage to 4.1x.
“We continue to focus on ‘Being the Best at What We Do’ putting the customer at the heart of our business. Our achievements were recognised in the industry this year with awards for best use of technology and best law firm of the year at the Credit Excellence Awards.
“During the year, we concluded the transaction with Encore Capital to become a wholly owned subsidiary. Being part of the world’s largest debt purchaser brings opportunities to maintain our competitive advantage, drive customer and compliance leadership and maximise our financial strength.”