0 £0.00
This item was added to your basket
Search

Dear visitor,
You are viewing 1 of your 2 free articles


We’ve made wider, important changes to our print and online content to enhance the value of exclusive, insightful, discerning content we create every day. Support valuable editorial content by becoming a member of our Credit Club - register for free or choose a paid plan.

Register now or Login

Lowell posts £152m cash income for Q3

Debt purchaser Lowell has posted a 21 percent year on year increase in cash income to £152m, for the three months ending September 30 2017.


Amber-Ainsley   Pritchard

Share on LinkedInShare on Twitter
Amber-Ainsley   Pritchard
Share on LinkedInShare on Twitter

Lowell’s latest financial results show the company’s cash EBITDA also increased for the third quarter compared to 2016 – to £78m from £69m.

 

For the 12 months ending September 30, Lowell’s growth in 120-month estimated remaining collections hit £1.95bn, a year-on-year rise of 18 percent.

 

The results found Lowell’s portfolio acquisitions have increased by 14 percent to £271m for the 12 months to September 30 2017. The company also acquired a total of 337 portfolios from 70 clients across all major unsecured sectors in this period – of this 47 percent was repeat business.

 

Earlier this month, Lowell announced it had entered into an agreement with fellow European debt buyer Intrum Justitia to acquire a carve-out business operating across Scandinavia.

 

The agreement, secured long after a merger was first announced between Intrum and its competitor Lindorff, means that Lowell will acquire Lindorff’s entire business in Denmark, Estonia, Finland and Sweden as well as Intrum Justitia’s entire business in Norway.

 

The transaction, valued at €730m, will create one of the largest credit management service providers in Europe.

 

Lowell said the acquisition, expected to close in the first half of 2018, will rebalance its business mix between debt purchase and third-party collections.

 

James Cornell, chief executive of Lowell, said: “This has been a successful quarter for us. We have delivered growth against all our key measures and provided clear evidence that our strategy delivers for clients and customers alike.

 

“The combination of Lowell and the carve-out business from Intrum has a compelling rationale, not least the exciting opportunities for the further growth and diversification of our business.”

Share on LinkedInShare on Twitter
Add New Comment
LoginRegister

LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

READ NEXT

Cabot EBITDA up 16 percent in first half of 2018

Cabot EBITDA up 16 percent in first half of 2018

Lloyds results reveal lower debt sales and recoveries

Lloyds results reveal lower debt sales and recoveries

Treasury Committee: Debt to local authorities pursued “over-zealously”

Treasury Committee: Debt to local authorities pursued “over-zealously”

Credit Strategy
LinkedIn page

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace.
@ Copyright Shard Media Group
We use cookies so we can provide you with the best online experience. By continuing to browse this site you are agreeing to our use of cookies. Click on the banner to find out more.
Cookie Settings