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|Cabot Credit Management Announces Financial Results for the Period Ending 31 March 2016|
|Thursday, 26 May 2016|
Cabot Credit Management (CCM), a market leader in European credit management services, today announced the financial results for the period ending 31 March 2016.
“During this first quarter we have continued to expand our European business by acquiring a credit management business, Nemo, in France,” said Ken Stannard, Chief Executive Officer. “We are already building on the success of last year and have achieved further strong returns and profitable growth. Our adjusted EBITDA of £56.9 million is up 27% from last year.”
“Our portfolio purchases have started strong with £68.3m this quarter, three times more than in Q1 2015, with 82% of this capital deployed outside the UK market.
“We are the first major debt purchaser to achieve our UK FCA authorisation and look forward to leveraging this in the market place this year. We are continuing to keep our customers at the heart of our business which was recognised at our industry awards recently where we won the Treating Customers Fairly award for the second year running.”
Highlights Sustained growth for Cabot Credit Management
120-month Estimated Remaining Collections (ERC) increased to £2.0 billion from £1.6 billion for the same period in 2015
Debt purchase collections increased 26% from £69.7 million to £87.6 million compared to the same period in 2015
Adjusted EBITDA increased 27% from £44.7 million to £56.9 million compared to the same period in 2015
Business strategy and operations
Continued growth in non UK business, with £56.1 million of non UK portfolio purchases in Q1’16 and 15% of revenues now generated from non-UK businesses
Service revenues continue to grow, up 32% compared to 2015, and now representing 8.5% of total revenues
CCM won the Treating Customers Fairly Award for the second year running at one of the industry’s most respected events run by Credit Strategy.
CCM is well on its way to creating a new centre of excellence in Brackley which will house dlc and the Apex contingency business
On 11 March 2016 Cabot Credit Management obtained FCA authorisation and is the first major debt purchaser and servicer to achieve it.
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