European credit management services specialist, Lowell has announced its quarterly results for the 3 months ended 31st March 2023.
Collection performance in line with forecast at 100% of Dec-22 static pool. Record £661m LTM Cash EBTIDA delivering 24% LTM growth. Cash EBTIDA growth of £128m YoY with collections in the quarter delivered in line with our ERC forecast.
Additionally, the quarter benefited from the acceleration of collections associated with the Swedish portfolio sale. Strengthened margin performance, at 61% on an LTM basis, reflects the encouraging cost control and actions taken across prior periods.
Colin Storrar, Group Chief Executive Officer, said “These results demonstrate our resilience and continue to demonstrate our long track record of collecting in line with our ERC forecasts. As a business we continue to focus on balance sheet strength and operational efficiency driving 300bps margin expansion and a reduction in leverage below 3.0x across the next 15 months.”