Australian Debt Collection Agency Enjoys Record Quarter

Repcol Limited (RPC) announced record revenue of $6 million for the quarter ended December 31 2003, up 7% from the September 2003 quarter and up 13% from the year-ago quarter. The Australian debt collection agency also emphasized that the result represents an annualised growth rate of 31% on a quarter by quarter basis for the current financial year.

Net operating cash flows increased from $1.1 million in the previous quarter to $1.9 million in the December quarter. This brought year to date total operating cash flows to $3 million.

Cash at the end of the quarter leapt from $324,000 to $1.5 million for Repcol?s second quarter.

On September 12, Recol posted a full year net profit after tax of $2.66 million, representing a 226% jump on the prior year. Revenues surged 274% to $19.8 million.