UK ARM Firm Lowell Group Announces Fiscal 2012 Results

Lowell Group, a UK leader in consumer debt purchase and recovery, today announced consolidated annual financial results for the year ended August 31, 2012.

The Leeds, West Yorkshire-based ARM firm reported a 12 percent increase in adjusted EBITDA to $153.2 million. Lowell said that collections grew 13 percent in the year to $218 million.

“I am pleased to report continued strong progress with Estimated Remaining Collections (ERC) up 24% and adjusted EBITDA up 12% compared to last year,” Commenting on the said James Cornell, CEO.

“It was also a record year for portfolio purchases, noted Cornell. “We invested $143.5 million – a 30% increase on the previous year – on the acquisition of 113 new portfolios, which saw us reach the milestone of managing 10 million customer accounts with a face value of $14.4 billion.  As a result our total asset base continues to show significant growth. Purchases were spread across different sectors as we continue to diversify assets as part of our risk management strategy.  We are making calculated progress in new sectors, including utilities and government debt and have strengthened our management team for the future with key new positions in compliance, customer management, technology and business development.”

In 2012, Lowell Group was also ranked as the leading credit management business across Europe for the fifth consecutive year by the strategic consulting firm OC&C*, awarded Investors in People Gold and named Credit Today’s Debt Purchaser of the Year for the third time.

*Joint 1st in 2012 with Arrow Global