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|Lowell GFKL Group announces impressive third quarter results|
|Thursday, 24 November 2016|
Lowell GFKL Group, a European leader in credit receivables management, today announces impressive results for its third quarter ended 30 September 2016.
• Group Cash EBITDA* of £69m for the three months to September 2016 – an increase of 34% versus the three months to September 2015
• 120 month gross Estimated Remaining Collections (ERC) of £1.7bn, an increase of 20% from September 2015 (up £274m) and 22% higher versus December 2015
• Non-Performing Loan (NPL) portfolio acquisitions of £238m in the last 12 months to September 2016, consistent with the 12 months to September 2015
• Solid pipeline of NPL portfolio acquisitions in place for Q4 giving visibility of expected purchases for the full year in excess of £250m
• Closed the acquisition of Tesch Inkasso at the end of September 2016
• Raised €230m to fund the Tesch Inkasso transaction and provide further investment capital
• Integration of all businesses is progressing well
• Focus on value creation remains paramount:
- Sharing best practice to increase competitiveness
- Building the strongest platforms to secure local market leadership
- Maintaining a disciplined approach to pricing and investment
• Compliance with the regulatory environments and the continuing focus on customer experience remain at the forefront of all activities
The Group continues to perform well, with on-going opportunities to deploy capital in accretive investments. We see structural drivers for market growth in both Germany and the UK and as such the outlook for the Group remains positive.
Commenting on the results, Colin Storrar CFO said: “I’m pleased to announce the delivery of impressive results by the Lowell GFKL Group. We have seen positive momentum during the third quarter with significant growth in both Cash EBITDA and 120 month ERC year on year. In light of our 2016 year to date performance and recent complementary acquisitions, we look to the future positively.”
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