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|Cabot Credit Management Announces Financial Results for the Six Month|
|Thursday, 25 August 2016|
Cabot Credit Management (CCM), a market leader in European credit management services, today announced the financial results for the six month period ending June 2016.
“Our half year results show strong returns and profit growth. During the first half of this year, we achieved an adjusted EBITDA of £117.9m, an increase of 29% compared with the same period in 2015, driven by 24% growth in our DP collections and a 40% growth in our servicing revenue” said Ken Stannard, Chief Executive Officer, CCM.
“We have continued to strengthen our footprint in Europe with active operations now in five European markets following our first capital deployment in Portugal during the quarter. Our non UK assets now represent 13% of total 120 month ERC (Estimated Remaining Collections).
“CCM continues to leverage its place in the market as the first major debt purchaser to achieve its UK FCA authorisation and is progressing well with its application for the Irish regulatory authority (Central Bank of Ireland).”
Highlights of Sustained growth for Cabot Credit Management
· 120-month Estimated Remaining Collections (ERC) increased to £2.07bn from £1.92bn for the same period in 2015
· Debt purchase collections increased 24% from £141.6m to £175.9 m compared with the same period in 2015
· Adjusted EBITDA increased 29% from £91.1m to £117.9m compared with the same period in 2015
Business strategy and operations
· Continued growth in our non UK business with 138% increase in non-UK revenues as a result of significant capital deployment in Spain and Ireland in the past year
· Service revenues continue to grow, up 40% compared to 2015
· CCM has successfully commenced its new UK digital service to enhance its customers experience
· Successful execution of the closure of our Stratford site with contingent collections operations now merged into our existing business in Brackley
· No noticeable impact of Brexit upon collections performance. Existing hedging strategy protected the business from FX volatility
· On 11 March 2016 Cabot Credit Management obtained FCA authorisation and is the first major debt purchaser and servicer to achieve it.
· There has been significant advances in CCM’s application for the Irish regulatory authorisation (Central Bank of Ireland).
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