9th Nov 2016 09:00
LONDON (Alliance News) - Debt purchasing and collecting company Arrow Global Group PLC said Wednesday it is on track for full-year results in line with previous guidance.
Arrow reported a profit attributable to shareholders of GBP11.5 million in the nine month to September 30, down from GBP20.4 million the year before. However, Arrow said this included GBP17.6 million in net non-recurring costs, arising from the refinancing of its debt and acquisition costs.
Arrow put its underlying net income at GBP29.1 million for the period, a 24% increase from GBP23.5 million the year prior.
Arrow said its adjusted earnings before interest, tax, depreciation and amortisation for the period increased by 56% year-on-year to GBP161.5 million from GBP103.9 million. This was driven by a 37% increase in total revenue to GBP164.4 million from GBP120.0 million.
The company said its total purchased loan portfolios at September 30 stood at GBP696.8 million, having increased from GBP609.8 million at December 31.
"Our portfolio purchases year-to-date, the good visibility on our pipeline and the continued strong performance of our enlarged asset management business, continue to lay the foundation for future earnings growth and means we are on track to deliver overall full-year earnings in line with our expectations," said Tom Drury, chief executive officer of Arrow Global.
Shares in Arrow Global were down 1.5% at 298.75 pence Wednesday morning.
By Adam Clark; [email protected]
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