Cabot Credit Management (CCM)) has announced its financial results for the past 6 months (period ending June 2016. The statement said that Debt purchase collections increased 24% from £141.6million to £175.9 million compared with the same period in 2015. 120-month Estimated Remaining Collections increased to £2.07 billion from £1.92 billion for the same period in 2015 and that adjusted EBITDA increased 29% from £91.1million to £117.9million compared with the same period in 2015
Ken Stannard, Chief Executive Officer of Cabot Credit Management said .“Our half year results show strong returns and profit growth. During the first half of this year, we achieved an adjusted EBITDA of £117.9m, an increase of 29% compared with the same period in 2015, driven by 24% growth in our DP collections and a 40% growth in our servicing revenue”
“We have continued to strengthen our footprint in Europe with active operations now in five European markets following our first capital deployment in Portugal during the quarter. Our non UK assets now represent 13% of total 120 month ERC (Estimated Remaining Collections).
“CCM continues to leverage its place in the market as the first major debt purchaser to achieve its UK FCA authorisation and is progressing well with its application for the Irish regulatory authority (Central Bank of Ireland).”