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Debt purchaser Arrow Global saw its revenues rise 19.6 percent year-on-year in the three months to March 31 2018.
Editor at Credit Strategy. Previously held roles at Accountancy Age, Accountancy Daily and the Leicester Mercury.
Revenues hit £77.1m, up from £64.5m in March 2017, while core collections rose to £86m, a rise of 11.6 percent from £77.1m the year before.
Underlying profit after tax was also up to £11.4m, a rise of 10.3 percent on the same point last year, when it made £10.3m. The purchaser’s estimated remaining collections over the coming 120 months stands at approximately £1.85bn, up from £1.6bn in Q1 2017, a change of £234.1m.
The figures do not include deals struck in March to acquire two separate Italian credit firms.
The first deal was for Europa Investimenti, a manager of Italian distressed debt investments, for an equity value of €62m (£54.7m). The second deal was for 100 percent of Parr Credit, a Rome-based servicer of Italian non-performing loans for an equity value of €20m.
The company said the integration of Parr Credit is “progressing well”, with the business performing in line with expectations, while the acquisition of Europa Investimenti is expected to close in in the second half of the year.
It added that over the course of the year, it is confident in meeting a portfolio purchase target of between £230m and £240m.
Lee Rochford, group chief executive, said: “The market dynamics of financial institutions increasingly looking to remove NPL portfolios from their balance sheets, and the trading of those assets in both the primary and secondary markets, continues to provide us with a clear runway for growth.
“I remain confident that we are favourably positioned to capitalise on future opportunities and we remain on track to deliver our financial targets for the year.”
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