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Cabot Credit Management Announces Financial Results for the Nine Months Ending 30 September 2014

Cabot Credit Management, a market leading acquirer and manager of consumer debt, today announced the financial results for the Nine months period ending 30 September 2014. 

"Cabot has continued to demonstrate strong growth through the third quarter of 2014, and we are now crystallising the benefits of the combination with Marlin" said Ken Stannard, Chief Executive Officer. “We continue to focus on keeping the Customer Journey at the heart of our operation and believe this puts us in a strong position as we go through the FCA application process. 

I am also pleased to announce that Charlotte Taggart has recently joined Cabot Credit Management as our General Counsel and will support the board and the broader business in relation to delivering on our company’s statutory and corporate obligations. Charlotte joins us from city law firm, Reynolds Porter Chamberlain (RPC) where she was a Partner for the past 18 months which included advising clients on FCA and Prudential Regulatory Authority authorisation.” 

 

Highlights 

Sustained growth for Cabot Credit Management (CCM) 

  • 120-month ERC grew 51% to over £1.6 billion compared to the same period in 2013 
  • Debt purchase collections increased 44% to £178.9 million compared to the same period in 2013 
  • Adjusted EBITDA increased 35% to £127.9 million compared to the same period in 2013 

 

Substantial increase in portfolio purchases and robust funding 

  • Portfolio purchases increased 83% to £185.6 million compared to the same period in 2013 

 

Recognition 

We are proud to have been awarded an Associate membership of the Lending Standards Board 

Cabot customers have been subject to the first satisfaction survey performed for our industry by the Customer Service Index (“CSI”). We achieved an 80% result placing us above the UK Banking and Building Society Index and also above all major UK High street Banks 

We are delighted to have recently been awarded top spot in OC&C’s prestigious annual Credit Management and Debt Collection index, ahead of more than 60 international debt collection and recovery companies 

Business strategy and operations 

  • Marlin Financial continues to enhance non-pay capabilities adding to liquidation on the back book and future purchasing 
  • CCM is well positioned to benefit from adjacent market opportunities, including Ireland 
  • New sources of defaulted consumer debt expected to emerge outside the financial services sector for CCM to purchase 

 

Key financial results 9m to Sep-13 

9m to Sep-14 

% Change 

Adjusted EBITDA 

£95.0m 

£127.9m 

+35% 

Debt Purchase Collections 

£124.4m 

£178.9m 

+44% 

Revenue 

£135.9m 

£190.7m 

+40% 

Portfolio Purchases 

£101.6m 

£185.7m 

+83% 

 

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