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Cabot Credit Management Announces Financial Results for the 3 months ending 31 March 2015 PDF Print E-mail
Thursday, 28 May 2015

Cabot Credit Management (CCM), a market leading acquirer and manager of consumer debt, today announced the financial results for the three months ending 31 March 2015.

“A strong start to 2015, with adjusted EBITDA up by 42% from £31.5 million in Q1 2014 to £44.7 million,“ said Ken Stannard, Chief Executive Officer. “The fact that we have achieved this strong level of financial performance, at the same time as winning the Credit Today Treating Customers Fairly award, demonstrates that our approach of keeping the customer at the heart of what we do is mutually beneficial.

"We are now into the final stages of the integration of the Cabot and Marlin businesses, with owned customer accounts in the process of being migrated to a common collections platform.

"We submitted our FCA application in Q1 and have had a positive dialogue with the FCA post application."

Highlights

Sustained growth for Cabot Credit Management (CCM)

 120-month Estimated Remaining Collections (ERC) increased 5% from £1.5 billion to over £1.6 billion compared to the same period in 2014
 Debt purchase collections increased 40% from £50.0 million to £69.7 million compared to three months ending 31 March 2014
 Adjusted EBITDA increased 42% from £31.5 million to £44.7 million compared to three months ending 31 March 2014
 Continued strong growth in Irish business with further purchase made in 2015
 Although market is very competitive, £25m of purchases have been committed for 2015, with a number of corporate opportunities being reviewed. The first quarter of the year is traditionally quiet in terms of purchasing, with the Q1 2014 purchases inflated by 2 specific portfolio acquisitions

Business strategy and operations

 Transition of all debt purchase operations to the same collections platform is well underway
 A number of corporate opportunities are under review and the market expectation continues
to be that there is further consolidation
 Application of the Marlin non paying accounts strategy continues to exceed the expectations set at the point of the combination of Cabot and Marlin

Regulatory update

 FCA application for authorisation has been submitted

(Source - CCM Press Release)  

 
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