Credit management firm Cabot has posted strong growth for the first half of 2018, its latest figures reveal.
The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) reached £161.9m, up from £139m in the same period last year.
Estimated remaining collections over the next 120 months hit £2.5bn, 15 percent up on £2.2bn in the first half of 2017. Debt purchase collections hit £220.1m, 13 percent up on £195.2m in the six months to June 2017, while servicing revenue in the first half of 2018 grew to £41.1m, up a substantial 189 percent from £14.2m in the same period last year.
The figures do not take account of the impact of Encore’s acquisition of Cabot, which was completed on July 24.
In 2013, Encore made an initial investment in Cabot, acquiring 43 percent of the business. It said its decision to acquire the remaining interest “reflects Cabot’s strong performance” since.
Ken Stannard, chief executive of Cabot Credit Management, said: “Our UK back book continues to provide consistent cash generation as we work with our customers to help them achieve their own financial recovery, with 72 percent of our payments generated from an average of 868,000 regular players each month, and breakage rates remaining at historically low levels.”