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|Lowell GFKL Group Q1 Results|
|Wednesday, 25 May 2016|
Lowell GFKL Group, a European leader in credit receivables management, today announces continued strong performance during the first quarter ended 31 March 2016.
· Cash EBITDA growth of 13% to £59m for the three months to March 2016
· NPL portfolio acquisitions up 79% year-on-year to £71m
· In excess of £140m of portfolio acquisitions already closed and contractually committed for 2016
· Continued diversification of mix and sector evident with 34% of acquisitions through Forward Flow agreements and 61% of acquisitions across Financial Services
· 120 month Estimated Remaining Collections (ERC) up 32% to £1.45bn, and 7% higher than 2015 year end
· Integration of GFKL and Lowell continues to make strong progress
· Continuing to extend our value proposition to our clients by developing our one stop shop offering in all countries where we operate
· Maintaining our disciplined approach to pricing and investment
· Compliance with the regulatory environment and focus on treating customers fairly to achieve the right customer outcomes remain at the forefront of our business
· Acquisition of IS Group Management GmbH expected to close by the end of May subject to anti-trust approvals
· Performance of Lowell Solicitors continues to exceed initial expectations
The outlook for the Group remains positive and the Group is well placed to benefit from the structural drivers of growth in the UK, German and Austrian consumer credit markets.
Commenting on the results, Colin Storrar CFO said: "We are delighted to present another strong set of results for this first quarter. The structural drivers for market growth exist across all of our markets. The integration of GFKL and Lowell continues to make good progress and with the acquisition of IS Inkasso Service in its final stages, the outlook for the future remains positive.”
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