Credit, Collections & Insolvency News
European debt purchase and credit management specialist, Cabot Credit Management has announced a pre-tax profit decrease in its latest financial results falling 64% to £14.8 million when compared to 2019 figures,
The company has delivered adjusted EBITDA of £342 million over last twelve months
Collections decreased as a result of Covid-19, falling by 16% on the same period of 2019 to £198.2million. Underlying profits fell 65% year on year to £15 million.
Craig Buick, Chief Executive Officer, Cabot Credit Management, said “I am incredibly proud of the way our employees have adapted to this new way of working to ensure they have been there for our customers during this unprecedented period.”
“Our second quarter results demonstrate the strength of our business, with positive free cash flows and our Adjusted EBITDA margin maintained at 62.6% in the quarter.”
“Our balance sheet remains strong as a result of our recent strategy, with significant covenant headroom, available liquidity of £254.6m, no debt maturities before late 2023 and leverage at 3.9x. We remain committed to delivering on our leverage target of 3.0-3.5x, over the medium term.”
“We continue to monitor the market conditions evolving around us and will continue to adapt our business as required in order to deliver long term successful outcomes for all of our stakeholders.”
