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Arrow Global profits hit £32.5m in half-year results

Credit services provider Arrow Global saw its profits before tax rise 203 percent from £10.7m to £32.5m, its half-year results show.

Total income rose 6.5 percent from £166.9m to £177.7m, while estimated remaining collections over 120 months rose 6.6 percent from £1.9bn to £2.08bn.

 

The company added it is undertaking cost run-rate savings, which it expects to deliver by the end of 2020 with an estimated savings £20m.

 

Arrow chief executive Lee Rochford said the move would support “simplification, enhanced efficiency and flexibility in asset management servicing operations”, having acquired 12 businesses around Europe in six years.

 

"It’s about knitting those acquisitions together so they’re all on one platform and singing from the same hymn sheet," he told Credit Strategy.

 

He added Arrow had established a fund management business called AGG Capital Management in a bid to "to further enhance growth and margins".

 

Despite the positive results, Arrow’s share price has suffered in recent years, having peaked at 465p in August 2017 before falling steadily to a low of 173p in February 2019. However, it has since staged a recovery and now stands at 261p at the time of writing.

 

Rochford said: “All key financial metrics have improved on last year. We have continued to generate asset purchases across our markets at attractive expected returns.

 

“In order to ensure maximum efficiency and flexibility within our operations, we have undertaken a group-wide cost review, which is now being implemented. This will support the delivery of our strategic objectives and improve operating leverage over time.”

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