26th Nov 2015 08:08
LONDON (Alliance News) - Arrow Global Group PLC on Thursday reported higher third-quarter pretax profit, after income from its loan portfolios swelled to help total revenue rise by more than 60%.
The London-listed company, which buys and manages portfolios of debt, said pretax profit increased to GBP9.5 million in the three months ended September 30, from GBP8.4 million in the corresponding quarter the prior year. Arrow Global lifted maintained its interim dividend at 1.7 pence per share.
Revenue rose to GBP43.3 million from GBP26.7 million, mainly due to higher income from purchased loan portfolios, as well as stronger income from asset management. Operating expenses, of which about 60% relate to debt collection activity costs, increased to GBP24.9 million from GBP13.4 million.
"Going into the final quarter, we have good visibility on a strong pipeline of deals and we remain firmly on track to deliver overall full-year earnings in line with our expectations. As we look to 2016, with the full-year benefits from the successful implementation of the Capquest and Whitestar acquisitions overlaying continued growth from attractive organic investments, we are confident in achieving another year of significant growth," Chief Executive Tom Drury said in a statement.
Arrow Global shares were up 1.5% to 250.5 pence early Thursday.
By Samuel Agini; [email protected]; @samuelagini
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