Earnings soar 44% at Arrow Global
ARROW Global, the fast growing Manchester company which buys up debt from banks and credit card companies, and then uses data and analytics to optimise repayments, has reported strong first half results.
The award-winning business, based at Belvedere on Booth Street, said revenues were up 55% to £48.3m and EBITDA by 44.2% to £43.4m.
Total collections – which are carried out by third-party suppliers rather than Arrow’s own staff – rose 34.9% to £69.6m in the six months to the end of June.
The company, backed by the private equity arm of Royal Bank of Scotland, RBS Special Opportunities Fund, and chaired by financial services veteran Sir George Mathewson, said it had acquired debt portfolios in the period with face value of £999m for £68.5m.
Chief executive Tom Drury said: “Arrow Global had a strong second quarter, contributing to a very good first half.
“Looking forward, we believe we have a strong pipeline of portfolio acquisition opportunities in our core UK market, where the outlook remains strong.
“We also continue to evaluate new market opportunities where there may be potential scope to further enhance returns. All this taken together gives us good reason to look forward to the future with confidence.”
The company, which operates in the UK and Portugal, said it has strengthened its senior team with the appointment of Steve Greenwood as chief risk officer, and the promotion of Georgina Hayes to director of operations.
Arrow Global, which is reportedly looking at options to IPO this year, did not refer to this in its results announcement.
