Lowell announces strong collection performance in latest results
European credit management services specialist Lowell has announced strong collection performance and improving margins in its latest company results for the 3 months ending 31st March 2021.
The company said collection performance has been very strong in the first quarter, performing at 112%.
Cash flow continued to strengthen in the quarter with £121 million generated from operations before portfolio acquisitions, an increase of £23 million.
Commenting on the figures Colin Storrar, Group Chief Executive Officer at Lowell said “I am very happy with the financial performance during the first quarter of the year, with collection performance exceeding our forecasts. In particular, the pace of recovery of deferred FY20 UK collections is ahead of our expectations. “We made pleasing progress towards our margin ambitions and the strength of our balance sheet and substantial liquidity positions our business strongly for what we continue to believe will be a substantial market opportunity.”
“As we move into the second quarter of 2021 we are encouraged by the strength of our business and we are well-positioned to participate in the future NPL market opportunity. We continue to deliver both efficiency initiatives and strong collection performance while expanding our margins and further improving our cash flow. Our focus on digital is proving a driver to this and we anticipate further developments in this area, not least with the launch of our new app in the coming months. We believe that our commitment to delivering ease of access, personalised journeys, and highly rated services provides a strong and sustainable platform for growth.”