Arrow Global profits power ahead
ARROW Global, the Manchester-based company, which buys debt portfolios from lenders around Europe and uses data analytics to recover owed money, has reported a surge in quarterly profits.
In the nine months to September, Arrow, which has just announced an acquisition in the Netherlands, said total revenues had increased 50% to £120m driven by a 42.2% hike in core collections.
Adjusted ebita rocketed 37.7% to £103.9m, while pre-tax profits jumped 18.3% to £25.9m. So far this financial year Arrow has acquired debt portfolios with a face value of £1.07bn for £97.1m.
Chief executive Tom Drury hailed “another set of strong results” by the business, which has also recently strengthened its financial position through a €110m Euro bond.
Drury said Arrow was alive to further acquisition opportunities with student loans portfolios, of strategic interest.
He added: “Our funding position remains strong and the successful placing of our €110m bond in September supplements the group’s high levels of cash generation, strengthening our ability to grow.”
Looking ahead, he stated: “Going into the final quarter, we have good visibility on a strong pipeline of deals and we remain firmly on track to deliver overall full-year earnings in line with our expectations.
“As we look to 2016, with the full-year benefits from the successful implementation of the Capquest and Whitestar acquisitions overlaying continued growth from attractive organic investments, we are confident in achieving another year of significant growth.”
