Q3 earnings up 11% says Arrow Global

ARROW Global, the deal-hungry debt purchase and recovery company has reported another strong trading period.

The Manchester company said adjusted EBITDA in the nine months to the end of September are 11.2% ahead of Q3 2013 at £71.9m. Core collections rose 12.6% to £105m.
 
Arrow said its £158m acquisition of rival Capquest, first announced in September, was due to complete on Friday. The group has funded the deal through a €225m bond.

Chief executive Tom Drury said he was pleased with progress and the group is trading in line for the full year.

 “Arrow Global’s Q3 results demonstrate yet another strong quarter of growth as we continue to deliver against our key strategic objectives.

“The acquisition of Capquest, announced in September, is expected to complete today following shareholder approval and a successful Eurobond issue earlier this month. We have already made significant progress in our plans to integrate the two businesses and are very confident that we will be able  to deliver the envisaged cost savings.

“Excluding our purchase of Capquest and its associated portfolios, we expect full-year portfolio purchases to be in line with previous expectations.

“Our strong performance and growth is expected to continue and we remain on track to deliver overall full-year results in line with our expectations.”

He added: “The debt purchase markets in both the UK and mainland Europe are expected to continue to grow and we are well placed to take advantage of this. We remain a well funded, highly cash generative business and we have a strong pipeline of  opportunities into 2015.”

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