|Cabot Credit Management Announces Financial Results for twelve months ending December 2016|
|Thursday, 16 March 2017|
Cabot Credit Management (CCM), a market leader in European credit management services, today announced the financial results for twelve months ending December 2016.
“This year has been another strong and profitable year for Cabot. We have delivered an adjusted EBITDA of £248 million, an increase of 26% over 2015, whilst simultaneously reducing leverage. These results have been driven by a 17% growth in our DP collections and a 38% growth in our servicing revenue, combined with improved operational efficiencies” said Ken Stannard, Chief Executive Officer, CCM.
CCM recently achieved a major milestone for the credit management industry by winning a prestigious Institute of customer service (ICS) award for its Customer Feedback Strategy. This breakthrough sees CCM join other brands such as Virgin Money, Nationwide, BUPA and John Lewis in the hall of fame as current and past ICS winners.
Highlights of sustained growth for Cabot Credit Management
120-month Estimated Remaining Collections (ERC) increased to £2.1bn from £2.0bn for the same period in 2015
Debt purchase collections increased 17% from £305.4m to £358.7m compared with the same period in 2015
Adjusted EBITDA increased 26% from £196.8m to £247.8m compared with the same period in 2015
Business strategy and operations
Acquisitions of Non UK portfolios reached 49% of capital deployed in 2016
Service revenues continue to grow, up 38% compared to 2015
Leverage reduced to 4.19x
CCM is progressing its application for the Irish regulatory authorisation (Central Bank of Ireland) for its Cabot Financial Ireland business. It is dealing with substantial information requests as part of the application for full authorisation. A final decision is expected in the first half of 2017.
CCM continues to leverage its full FCA authorisation which it achieved in February 2016.
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