10th May 2018 13:23
LONDON (Alliance News) - Arrow Global Group PLC on Thursday reported a narrowed loss and higher revenue for its first quarter in what it described as a "strong" start to 2018.
For the three months to March, Arrow's pretax loss was GBP7.6 million compared to GBP14.5 million, helped by a 20% rise in revenue to GBP77.1 million from GBP64.5 million.
The figure was also boosted by lower refinancing costs, at GBP18.6 million from GBP27.2 million.
Core collections increased 12% to GBP86.0 million, while Arrow's underlying return on equity was 33.3% compared to 30.8% a year before.
Arrow, a credit management services provider, said overall collections performance was strong. Its outlook is positive, and it is confident on meeting financial targets for 2018.
These include asset management revenue becoming 30% of total revenue as well as a medium-term underlying return on equity "at least" in the mid-twenties.
Arrow Global shares were down 6.2% on Thursday at 347.50 pence each.
Related Shares:
ARW.L