European credit management services company Lowell has announced its latest quarterly results for the three months ending 30 June 2021.
The results showed that collection performance continued to outperform forecasts across all three regions, performing at 111% for the six months to June 20 21.
The company highlighted:
• LTM Cash EBITDA margin increase of ~100bps YoY
• Successful launch of digital app in the UK to further strengthen digital engagement which saw
strong collections growth of 33% YoY
• Significant increase in purchases with £130m of capital deployed in the quarter and full year
guidance increasing by £50m to £350m
• Funding strengthened with the further development of capital structure with an increase in total
securitisation commitments of £150m
• Leverage reduced 0.3x across H1-21 to 3.5x, comfortably at the lower end of the 4.0 – 3.5x
Commenting on the results Colin Storrar, Group Chief Executive Officer, said “These results demonstrate another quarter of sustained positive development, with strong collection performance and an ongoing focus upon continued margin accretion. We’re also delighted to publish our inaugural Sustainability scorecard, which provides greater insight as to how we work. We believe our ESG disclosures now represent leading transparency for our industry.”