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Cabot Credit Management Announces Quarterly Results Year to Date 30 September 2012

Cabot Credit Management (CCM), a market leading acquirer and manager of consumer debt, today announced consolidated financial results for the year to date ending 30 September 2012.

"Our continued focus on semi-performing portfolio acquisitions, allied with the combination of best practice from the Cabot and Apex groups gives the combined CCM group the dominant position in the UK Consumer Financial Services debt purchase market,” said Neil Clyne, Cabot Credit Management’s chief executive officer.

“We have seen strong purchasing and collections performance in Q3 with a purchasing spend in portfolios reaching £47m in the quarter.  The majority of these purchases have been semi-performing portfolios therefore confirming CCM's position as the market leader in this sector.

“The 120 month ERC at the end of September 2012 is 22% higher than a year previously, and the gap between this measure and the 84 month ERC is widening showing the benefit of the long collections lives of the semi performing portfolios.

“Servicing costs including overheads have fallen by 6% in Q3 2012 compared to Q3 2011 in a period when revenues have increased by 12%, demonstrating that the benefits of the merger and CCMs continued investment in its IT infrastructure and management team are being realised.  Our focus on technology was recognised by the industry when we were awarded the "Best Use of Technology" award at the Credit Today Debt Collection awards 2012 held on 15 November.

“We anticipate that the semi performing segment will be the fastest growing segment within the Debt Purchase market over the coming months, where we believe we have sustainable competitive advantage.

“The success of the group is driven by the hard work and excellence of the Cabot Credit Management staff."

Year to Date 30 September 2012 Highlights

The revenue was £117m for 9 months to September 2012 compared to £110m in eleven months to September 2011

The adjusted EBITDA was £80m for 9 months to September 2012 compared to £71m in eleven months to September 2011

The 120 month ERC has now reached £834m

Operational Highlights

Our gross monthly collections exceeded £23m for the first time during Q3 2012

Our purchasing trend was very strong with £45m of portfolios purchased in Q3 2012

The Integration of Cabot and Apex companies is now nearly complete with a single collections platform across the Group to be in place by the end of December 2012.

About Cabot Credit Management

Cabot Credit Management is a market leading acquirer and manager of consumer debt.  Divided into four specialist businesses, Cabot Financial, Cabot Financial Ireland, Apex Credit Management and Apex Discovery Solutions, it covers debt purchase, contingency collections and customer tracing.

Cabot Credit Management has purchased assets of £7.5bn, managed assets of £1bn, cash collections of over £20m per month and a 14 year unbroken track record of steady growth.

The Group employs over 700 people with offices in Kings Hill, Stratford-upon-Avon and Dublin. It prides itself on its ethical values and high standards and has an impressive list of accolades. These include Investors in People Gold award (accredited for three years) for Apex Credit Management and Investors in People Bronze award (accredited for two years) for Cabot Financial which also has achieved a Quality Management System ISO 9001 since 2008.  In addition both Apex Credit Management and Cabot Financial have been included in the Sunday Times Buyout Track Top 100 best companies to work for.

Teleconference

At 3pm on 20th November 2012, Cabot Credit Management’s CEO Neil Clyne, CFO Chris Ross-Roberts and MD Glen Crawford will hold an audio conference presentation on the company’s performance year to date 30 September 2012.

To access this conference, participants will need to register in advance via the investor section of Cabot Credit Management website: www.cabotcm.com.

For further information and copies of the quarterly report for the nine months pending 30 September 2012, please visit www.cabotcm.com or contact:


Chris Ross Roberts
Chief Financial Officer, Cabot Credit Management
Tel: +44 (0) 1732 524 759
Email: investorrelations@cabotfinancial.com

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