Lowell, credit management servicer has published the results about FY 2022Colin Storrar, Group Chief Executive Officer, commented:
“These results demonstrate a year of delivery against a backdrop of known consumer pressures. It is testament to the resilience of the business that we can report another year of growth, alongside some key corporate milestones with the delivery of the first publicly rated European ABS and the completion of the Hoist UK acquisition.
We are well positioned to capture the improving market dynamics we are seeing, and the clear financial guidance provided in today’s results will help drive the continued sustainable growth of the Lowell Group”
The main info:
• Cash Income and Cash EBITDA growth of 8% and 7% respectively YoY with Cash EBTIDA
margin held flat at 59% YoY as guided
• Strong collection performance at 101% vs Jun-22 static pool which includes the encouraging
recovery in DACH collections, with 107% collection performance reported in Q4-22
• Issuance of first publicly rated ABS and subsequent deconsolidation resulting in balance sheet
velocity and ability to recycle capital quicker
• Acquisition of Hoist Finance UK facilitates UK earnings growth and increased experience of
banking assets
• Cashflow generative with £146m excess cash generated after Replacement Rate to self-fund
growth
• Leverage within guidance at 4.0x, with step change delivered post year-end following balance
sheet developments providing a PF view of 3.4x
• Release of second Annual Sustainability Report and scorecard demonstrating notable
progress
Key Financial Highlights
• Cash Income of £971m (£898m) – up 8%
• Cash EBITDA of £569m (£531m) – up 7%
• Cash EBITDA Margin of 59% (59%) – held flat YoY as guided
• In market Portfolio Acquisitions of £473m (£403m) – up 17%
(comparable numbers for FY21 in brackets)
To download the full report click here
