Earnings continue to soar at Arrow Global
ARROW Global. the Manchester-based debt purchase specialist, has reported strong results for the first nine months of the year, with ebitda up 44.7% to £64.7m.
The group which floated on the main market in October raising £42m, said it is on track for the full year and also has a good portfolio of acquisition opportunities.
Earlier this week Arrow and its partner CarVal Investors bought a chunk of student loan debt, an asset class of growing interest to the techmology and analytics-focused business.
In the nine months to September 30 core collections rose 45.6% to £93.3m. During the period the company acquired debt portfolios with face value of £1.06bn for an aggregate purchase price of £74m.
Chief executive Tom Drury said: ” “We have been delighted with the success of Arrow’s IPO and the strong response from investors, which has been validation of our unique business model and significant future growth prospects.
“Arrow Global had a good third quarter, contributing to an excellent first nine months to 30 September.”
He added: “”We see a strong pipeline of portfolio acquisition opportunities ahead and, while the market remains competitive, our ability to access multiple sources of origination will allow us to invest at or above our target returns.
“We remain on track to deliver £100m of portfolio purchases for the year and the board is confident that we will deliver a trading result in line with our expectations for the full year ending December 31.”
