Lowell hints at IPO as growth continues

European Debt Purchaser, Lowell, has announced its latest quarterly results showing another positive quarter of growth for the period 1 July to 30 September 2017.

Highlights from the results include:

• 21% y-o-y increase in Cash Income to £152m
• 12% y-o-y increase in Cash EBITDA to £78m
• 18% y-o-y increase in Estimated Remaining Collections (ERC) to a record high of £1.95bn (2)
• Strengthening collections performance – achieved 107% of collections as forecast at the start of the year
• Post Q3 close – acquisition of Carve-out Business from Intrum:
• Creates Europe’s second largest credit management services provider
• Clear strategic fit – complementary business mix delivers further diversification
• Strong growth platform with robust infrastructure, rich talent and consistent financial performance

Chief Executive Officer of Lowell James Cornell said “This has been a successful quarter for us. We have delivered growth against all our key measures and provided clear evidence that our strategy delivers for clients and customers alike. We continue our strong growth track record and to support that have made another, significant acquisition. The combination of Lowell and the Carve-out Business from Intrum has a compelling rationale, not least the exciting opportunities for the further growth and diversification of our business.”

“We’re delighted to have extended the Lowell family with a business that shares our values, complements our strategy, and is aligned with our business ethos.”

Separately, Bloomberg has reported that Chief Financial Officer Colin Storrar has hinted at a possible IPO in an interview on Thursday. “An IPO clearly is an option, the business has a great reputation among prospective equity investors.”