CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow Cabot Credit Management Announces Financial Results for the Year Ending 31 December 2014
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Cabot Credit Management Announces Financial Results for the Year Ending 31 December 2014 PDF Print E-mail
Thursday, 26 March 2015

Cabot Credit Management, a market leading acquirer and manager of consumer debt, today announced the financial results for the year ending 31 December 2014.

“Another strong quarter completes our successful year, with portfolio purchases up by 83% compared with the year ending 31 December 2013, exceeding our full year target, and with a significant proportion of purchases coming from our Irish operation” said Ken Stannard, Chief Executive Officer. “We have continued to focus on keeping the customer journey at the heart of our operation which we believe puts us in a strong position as we go through the FCA application process.

“During 2014 we achieved the highest ranking in OC&C’s prestigious annual Credit Management and Debt Collection index, ahead of more than 60 international debt collection and recovery companies.

"The integration of Marlin and Cabot has gone extremely well, and we are currently in the process of completing the transition to a single collections platform for the combined debt purchase operation.

“We also had two key new appointments, Ryan Stanley, as our new Operations Director and latterly Charlotte Taggart joined as our General Counsel and has subsequently become a board member of the Credit Services Association (CSA), the UK trade association for our industry.”

Highlights

Sustained growth for Cabot Credit Management

    •    120-month Estimated Remaining Collections (ERC) increased 52% to over £1.6 billion compared to the same period in 2013
    •    Debt purchase collections increased 49% to £247 million compared to the year ending 31 December 2013
    •    Adjusted EBITDA increased 36% to £173 million compared to the year ending 31 December 2013

Substantial increase in portfolio purchases and robust funding

    •    Portfolio purchases increased 83% to £227 million compared to the same period in 2013

Business strategy and operations

    •    Transition all debt purchase operations to the same collections platform
    •    Building on our Customer Satisfaction Index results where Cabot outperformed the UK banking and building society index and all high street banks
    •    Taking advantage of adjacent market opportunities, including Ireland
    •    Building on strong paying book performance by optimising customer solutions and journey

Regulatory update

    •    FCA authorisation is on track for 2015, and we have submitted our application for authorisation.
    •    In 2014 CCM joined the Lending Standards Board (LSB) as an Associate member, raising standards in the industry

(Source - Cabot Credit Management Press Release)

 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197