Debt purchaser Arrow Global has posted a rise in both income and profits in its full-year results for 2018
For the year to December 31, 2018, the company reported total income of £361.8m compared to £319m the prior period, a rise of 13.4 percent. Its underlying profit after tax over the period rose to £64.1m from £56.6m, an increase of 13.3 percent.
Estimated remaining collections over 120 months were £1.97bn, 10.8 percent up from £1.78bn the year before.
Despite the uptick in financial performance, the company’s share price fell steadily throughout the year, and now stands at 193.4p per share. On March 1, 2018, the share price was 397.5p per share.
Lee Rochford, group chief executive at Arrow, said: “Within the period we were pleased with financial progress, showing strong cash generation, improved investment returns and a reduction in leverage ratios. At the same time, we exited a non-core geography through the sale of our small Belgian business and continued to add scale to our asset management and servicing platform, which ends the year at £52.6bn of assets under management.
“As we look to the year ahead, we are mindful of volatile market conditions and pockets of high competition, but remain confident in our ability to deliver the goals we outlined at our November 2018 Capital Markets Day. We see potential for further growth, strong investment returns and continued momentum in capital-light revenues.”