Debt Purchaser, Lowell, has announced its Q3 results, for the period ending 30 September 2018.

James Cornell, Group CEO, said “Our performance again shows that this is a resilient business, managed effectively to deliver growth and returns. “We seek growth that increases scale and diversification, while remaining mindful of leverage. Capital is deployed rationally for attractive returns, and our diversity of geography, markets and sectors allows us to adapt swiftly to the shifting needs of our clients, and the local economies where we operate.”

“The new UK securitisation facility reflects the inherent value of our back-book. This facility diversifies our funding structure further; reduces our dependency on high yield and RCF funding; and increases our ability to manage our capital to grow the business the right way. “We continue to invest strategically for the long-term good of the business with stable, consistent returns, and are well–positioned for continued success.”

Highlights from the results include:

  • New £255m UK securitisation facility
  • Consistent forecasting accuracy – collections performance at 101%1
  • Leverage in line with expectations
  • Weighted Average Cost of Debt down to 6.3% (from 7.4% at Q3 17)
  • Strong client relationships continue to drive Forward Flow purchases (43% of portfolios purchased) Operational Highlights
  • Agreed disposal of Nordic payments business to focus on core operation
  • Signed multi-year IT Infrastructure partnership