UK Debt Buyer Lowell Group Reports 20% Rise in Earnings in 2009

Leeds, UK - In a demanding time for the accounts receivable management industry, Leeds-based Lowell Group has emphasised its position as the UK’s leading debt purchasing specialist by recording another year of strong growth in profit and turnover.

The 12 months ended 31 August 2009 saw the Group achieve its financial targets for the fifth successive year. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 20 percent to £24.9 million ($38.5 million) from £20.7 million the previous year, while collections revenue rose 14 per cent to £86.3 million ($133.6 million) from £75.5 million.

According to chief executive officer James Cornell, key factors underpinning Lowell’s continued strong performance have been its ability to react quickly to changes in the economy, disciplined approach to pricing and ongoing investment in technology and compliance.

He said: “While it was a very demanding year I am extremely proud of what the team has achieved. We have maintained our record of strong, consistent growth when most of the market has demonstrated the opposite trend.

“Furthermore, we have continued to perform well in 2010 and to help facilitate the next phase of growth we recently opened new offices in Leeds and Preston, which gives us the capacity to expand to around 1000 employees.

“Our strong operational performance has enabled Lowell Group to be in a really strong position to assist our client base in creating added value to their own P&L and balance sheet. Our transparent and consultative approach has allowed us to generate some excellent new ideas and debt purchase solutions for some of our most valued clients, something we are naturally keen to extend to the rest of the market.”

About Lowell
Formed in 2004 Lowell Group is a specialist debt purchasing company. Lowell Group buys consumer debts from a range of blue-chip organisations and then manages the recovery of those debts, working closely with debtors to help them resolve their financial difficulties and pay off what they owe. Lowell Group employs around 400 people at its state-of-the art HQ and customer contact centres in Leeds and Preston.