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Cabot EBITDA up 15 percent in first six months

Credit services firm Cabot Credit Management saw its estimated remaining collections over 120 months rise nine percent, its results in the six months to June 30, 2019, show.

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Its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 15 percent from £163.4m at the same point last year to £187.1m.

 

Debt purchase collections came to £236.5m in the first six months of 2019, up seven percent at the same point in 2018.

 

The business managed to reduce its leverage from 4.2x to 3.8x, the results show.

 

In June, the company issued a €400m (£356.3m) senior secured floating rate notes bond which is due to mature in 2024.

 

Ken Stannard, chief executive of Cabot, said: “Cabot has delivered another strong set of results for the period to June 30, 2019 with our adjusted EBITDA increasing 15 percent compared to 2018 as a result of our market leading operation in the UK, improving market conditions, and continued demand from leading financial services institutions for our range of credit management services.”

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