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Cabot earnings up 12 percent in Q3 results

Cabot Credit Management’s results in the nine months to September 2019 show the credit services firm took £279.8m, up 12 percent on the £250.5m it took in the same period in 2018.

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Estimated remaining collections over 120 months rose six percent in the nine months to September, to £2.8bn from £2.6bn in the first nine months of 2018.

 

Debt purchase collections reached £354.8m over the first nine months of the year, up seven percent from £332.9m year-on-year.

 

The firm’s leverage decreased the same period, to 3.7x from 4.2x.

 

Cabot chief executive Ken Stannard said: “We have achieved these results through the strength of our cash generation which reflects our capital deployment rigour, our continual focus on operational efficiency, and leveraging our benefits of scale.

 

“In October 2019, Cabot entered into a new co-investment framework agreement with a third party which will enable us to continue to meet our clients credit management needs and further grow scale in our business, while continuing to deliver on our deleveraging commitment.”

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