UK Purchaser Lowell Reports Strong Start to 2008

Lowell Group, a United Kingdom-based debt purchaser and collector, Thursday reported a 71 percent increase in revenue in a release of partial results for its fiscal first quarter of 2008.

Leeds, U.K.-based Lowell said that for its first fiscal quarter – which ran from September through November 2007 – it generated revenue of $35.5 million, up 71 percent from the same period in fiscal 2007. The company also commented that it is currently managing 2.5 million consumer debt accounts worth an aggregate face value of $5.5 billion.

“We are once again extremely pleased with the continued strong performance of the company,” said CEO James Cornell in a press release. “We are starting to see some real dividends from the company’s investment in technology, business process and people.”

Cornell also noted that the company is on-track to achieve revenue of around $150 million for its fiscal 2008 with earnings approaching $40 million.

A spokesperson for the company declined to comment to insideARM on rumors that the company is up for sale. In a debt purchasing industry 2008 preview article published in Credit Management magazine, Ken Maynard – CEO of U.K. debt collection giant Cabot Financial – mentioned that Lowell was placed on the trading block late last year ("Cabot Chief Sees More Debt Sales in the UK," Jan. 10, 2008).

Lowell is a debt purchaser and collector that focuses on financial services, mail order and telecom debt. The company employs 300 people in its Leeds office.