Lowell EBITDA up 14 percent in 2019

Estimated remaining collections over 120 months hit £3.4bn, up from £3.1bn the year before, while cash income rose to £950m, up from £874m in 2018.

Earnings before interest, tax, depreciation and amortisation (EBITDA) was up 14 percent to £496m, up from £437m the year before.

Portfolio acquisitions, however, fell three percent to £397m from £408m. The group said forward flows provided 51 percent of acquisitions in 2019.

The company’s leverage was reduced to 4.7x, in line with its guidance to shareholders.

Group chief executive, Colin Storrar, said: “We have continued our growth by doing things the right way – running our business efficiently and ethically. We are delivering better outcomes: for customers, for clients, for colleagues and for our investors.”

Looking ahead, the company said the debt purchase market remains “fulsome”, and it continues to pursue a mix of spot and forward flow opportunities. It said levels of capital deployment will continue to be driven by the group’s “rational approach” and the likely returns available. It expects its collection performance across the last 12 years indicates it will adapt to different economic cycles and will be “well-placed for the opportunities any change in economic climate may bring”.