European credit management services, Lowell has announced continued growth in its latest results for the 3 months ended 31st March 2022.
The results showed that collection performance was in line with forecasts at 98% whilst underlying collection performance remains strong, with the paying base performing at 99% of expected collections and default rate remaining low at 4.5%.
The company has a record £533 million LTM Cash EBTIDA delivering 7% LTM growth, reflecting strong performance across all the Group’s regions.
Cash EBTIDA growth delivered against relatively flat year-on-year Cash Income. Strengthened margin performance, at 60% on an LTM basis, the company says this reflects the encouraging cost control and actions taken across prior periods.
The comparative periods benefit from very strong Q1-21 UK collection performance of 118% which reflected the recovery of delayed collections due to management actions taken in 2020 relating to COVID-19. The LTM comparative period also benefits from the strategic asset sale in the Nordics (Q3-20). Underlying Cash Income demonstrated year-on-year growth.
Colin Storrar, Group Chief Executive Officer, said “These results demonstrate a quarter of sustainable growth and continued strength of our Cash EBITDA margin. Our strong capital deployment in the first quarter of the year provides a strong foundation for growth, alongside our continued focus on disciplined balance sheet management.”