Credit, Collections & Insolvency News
Debt purchaser, Arrow Global Group has announced a fall in profits in the first quarter of the year. For the three months ending 31st March, Pre-tax profit fell 43% o £9m on-year as income dropped 11% to £77.1m. Investment business collections fell to £85.1m in the first quarter from £105.5m on-year.
The Group’s foremost priority has been to safeguard the health and wellbeing of its workers and ensure continuity of service for customers and clients with 100% of its employees were working from home and fully operational by the end of March
Commenting on the results, Lee Rochford, Group Chief Executive Officer, said “I am extremely proud of the way all of our employees have risen to the challenge of lockdown. We were able to ensure that 100% of our employees were working from home fully operationally by the end of March, continuing to service the needs of our customers and clients. At the same time, we have been true to our purpose of Building Better Financial Futures, enhancing our Vulnerable Customer Policy that already offers forbearance to those in financial distress or ill health by implementing a specific COVID-19 customer support programme where our employees provide additional support to customers directly affected by the virus.”
“Our liquidity position remains strong and, when combined with the capital allocation optimisation offered by our Fund Management Business, I am confident in our ability to navigate successfully through the near-term uncertainty. While the virus is clearly a humanitarian tragedy, Arrow provides services that are more in demand in times of economic dislocation. Therefore, while our immediate outlook on collections remains cautious, we are highly optimistic about an increasingly attractive investment and asset servicing environment.”
“The €356 million increase of capital commitments into our fund against the continuing backdrop of uncertainty from COVID-19 highlights the strength of Arrow’s business model and the attractiveness of our fund management strategy to the alternative investment community.”