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Cabot Credit Management Announces Financial Results for the 6 months ending 30 June 2015 PDF Print E-mail
Thursday, 27 August 2015

Cabot Credit Management, a market leading acquirer and manager of consumer debt, today announced the financial results for the six months ending 30 June 2015.

“A great deal has been achieved by Cabot Credit Management in the first six months of 2015, a period in which Adjusted EBITDA grew by 14% compared to the six months to 30 June 2014,“ said Ken Stannard, Chief Executive Officer. “The purchase of dlc in June has not only grown our 12 month ERC to close to £2 billion but also provides us with a BPO platform, and the purchase of Mortimer Clarke Solicitors in July allows Cabot Credit Management to provide an end-to-end credit management lifecycle.

"In recent weeks we have also completed the process of migrating all Cabot Financial and Cabot Financial (Marlin) owned customer accounts to a common collections platform, an important step in our integration plans.

"On the authorisation front, we continue to have a positive dialogue with the FCA following the submission of our application."


Sustained growth for Cabot Credit Management (CCM)

    • 120-month Estimated Remaining Collections (ERC) increased 26% from £1.5 billion to over £1.9 billion compared to the same period in 2014
    • Debt purchase collections increased 28% from £110.5 million to £141.6 million compared to the same period in 2014 Adjusted EBITDA increased 14% from £80.0 million to £91.1 million compared to the same period in 2014.
    • Completion of purchase of dlc which adds £0.3 billion of 120 month ERC
    • Although market is very competitive, £223 million of purchases, including the dlc portfolio purchase, have been committed for 2015 enabling Cabot Credit Management to achieve its full year purchasing target ahead of the expected timing.

Business strategy and operations

    • Transition of all debt purchase operations to the same collections platform has been completed
    • Purchase of dlc completed, a number of other corporate opportunities under review    
    • 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 and there is a positive ongoing dialogue with the FCA

(Source - Cabot Credit Management Press Release)

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