Lowell Group Profits Top $36 million in Fiscal Year

United Kingdom-based debt buyer and collector Lowell Group announced Monday that its most recent fiscal year exceeded expectations as the company saw a 53.7 percent increase in earnings and a 48 percent increase in revenues.

Lowell said that for the year ended August 31, 2008, it had earnings of $36 million, up 53.7 percent from the same period a year ago. Revenue from collections surged 48 percent to $135 million.

The company said that in the fiscal year, it had been “successful in acquiring several new portfolios.” Lowell increased the face value of accounts it manages to $7.2 billion from $4.1 billion. The total number of purchased consumer accounts under management is now 3.7 million, up from 2 million at the beginning of the year.

Commenting on the Lowell’s results, chief executive officer James Cornell said, “Overall this has been a fantastic year, especially considering the distraction of the sale and acquisition process which took a large proportion of senior management’s time. It highlights the depth of quality in our management team.”

Cornell also noted that in the current fiscal year, Lowell is investing in its operational platform. He said that the investment will focus on increasing automation and improving collection strategies through “intelligent use of data.”

Lowell Group was bought out by the management team in April with the backing of private equity firm Exponent Private Equity LLP (“UK Debt Buyer Acquired by Private Equity in $400 million Deal,” April 7).