Lowell latest debt purchaser to announce double-digit growth

Cash earnings before interest, tax, depreciation and amortization (EBITDA) rose 10 percent to £422m, up from £385m in the same period last year, while portfolio acquisitions rose 38 percent to £481m, up from £349m in September 2017.

Estimated remaining collections over 120 months is up 14 percent to £3bn, up from £2.6bn in September 2017.

James Cornell, Group CEO, said: “Our performance again shows that this is a resilient business, managed effectively to deliver growth and returns.

“We seek growth that increases scale and diversification, while remaining mindful of leverage.  Capital is deployed rationally for attractive returns, and our diversity of geography, markets and sectors allows us to adapt swiftly to the shifting needs of our clients, and the local economies where we operate.

“The new UK securitisation facility reflects the inherent value of our back-book.  This facility diversifies our funding structure further; reduces our dependency on high yield and RCF funding; and increases our ability to manage our capital to grow the business the right way.

“We continue to invest strategically for the long-term good of the business with stable, consistent returns, and are well–positioned for continued success.”