Cabot Credit Management Releases Earnings for Second Quarter of 2020

Cabot Credit Management (Cabot), a market leader in European credit management services, today announced the financial results for six months ending 30 June 2020.

Highlights

  • Carefully managing the business to protect our employees, our customers and our investors
  • Delivered Adjusted EBITDA of £342m over last twelve months
  • Adjusted EBITDA margin in Q2 2020 of 62.6%
  • Maintaining positive cash flow generation and strong balance sheet

Craig Buick, Chief Executive Officer, Cabot Credit Management, said: “I am incredibly proud of the way our employees have adapted to this new way of working to ensure they have been there for our customers during this unprecedented period.

“Our second quarter results demonstrate the strength of our business, with positive free cash flows and our Adjusted EBITDA margin maintained at 62.6% in the quarter.

“Our balance sheet remains strong as a result of our recent strategy, with significant covenant headroom, available liquidity of £254.6m, no debt maturities before late 2023 and leverage at 3.9x. We remain committed to delivering on our leverage target of 3.0-3.5x, over the medium term.

“We continue to monitor the market conditions evolving around us and will continue to adapt our business as required in order to deliver long term successful outcomes for all of our stakeholders.”