European credit management service specialist Lowell has announced continued performance growth in its results for the period 1 July to 30 September 2019. The results show double-digit growth in cash income, cash EBITDA. Whilst collections continue to perform ahead of forecast.
Commenting on the results Colin Storrar, Group CEO, said ”We continue to grow our business in the right way, and these strong results demonstrate the progress, momentum and execution of our plans. I am pleased to see the contribution each of our regions has made and to report leverage reducing by 0.2x to 4.9x in line with our guidance.”
“The markets remain attractive in terms of both value and volume, we are on track to meet our purchasing guidance of £390m for the year continuing to deploy capital at increasingly attractive returns.”
“We have also seen margins continue to improve with Cash EBTIDA growth outpacing Cash Income again, providing an increase on margin in excess of 100bps year-on-year. This is testament to the work behind the scenes in increasing the operational efficiency of the business.”
“Our business has great foundations and I believe we are well-positioned to continue leveraging the scale we have built across the Group as part of our sustainable growth strategy.”