Record Half Year for Lowell Group

Lowell Group, the fast-growing Leeds-based debt purchasing specialist, has continued its record-breaking growth into 2007.

Announcing its half year results for the six months to February 2007, the Group reports it is now servicing in excess of one and a half million consumer accounts with an asset value of £1.5 billion ($2.9 billion). Turnover for the period has increased to £22.3 million ($44 million), compared to £11.6 million ($22.9 million) for the first six months of the prior financial year.

Chief executive officer James Cornell said: “We are once again delighted with these results and have maintained our strong growth rate in 2007.  The Group remains on target to achieve in excess of £50m ($98.7 million) turnover this financial year and more than double EBITDA from last year’s £4.2m ($8.29 million).

Lowell Group has established strong ongoing relationships with many of the UK’s leading debt sellers.  Its portfolios include loan, credit card, store card, mail order, overdraft, retail bank and various lower balance debt types.

The Group believes that sharing performance data with clients leads to better, stronger, more transparent relationships, where prices can be optimised as portfolios achieve their maximum potential.