Arrow Global’s earnings soar in debt collector’s maiden results

 
Oliver Smith
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DEBT collection firm Arrow Global reported a 45 per cent rise in collections to £93.3m during the nine months to 30 September, following its market debut last month.

Profits rose 86 per cent to £17.7m during the period driven by an increase in core collections for the firm.

“We see a strong pipeline of portfolio acquisition opportunities ahead and, while the market remains competitive, our ability to access multiple sources of origination will allow us to invest at or above our target returns,” said chief executive Tom Drury.

The Manchester-based company typically buys up personal loans, credit card debt and outstanding mobile phone bills for as little as 10p on the pound.

“We have been delighted with the success of Arrow’s IPO and the strong response from investors, which has been validation of our unique business model and significant future growth prospects,” added Drury.

Since its debut on 9 October Arrow Global’s share price has risen 12.5 per cent.

Yesterday shares rose by 6.6 per cent on the results to close at 258p a share.