Lowell has announced further changes to its Group Executive team today. Current Group Chief Risk Officer, Sara de Tute, has been appointed to the UK Board as a new Non-Executive Director (NED), she will be succeeded by Laurence Bogni-Bartholmé, who joins the Group from Wells Fargo. Laurence starts on 1st September.

After five years with Lowell, current Group CRO, Sara de Tute, has decided to accept a non-executive director role, joining the UK Board from 1st October, and will sit on the UK Risk and Audit Committees. Sara intends to continue in her position on the Board of the Credit Services Association.

Under Sara’s guidance and leadership, the Compliance and Risk functions have developed and made significant progress. Sara has provided valued counsel to the Group CEO and Executive, and was pivotal to the Group achieving FCA authorisation in the UK. In joining the UK Board, Lowell is pleased to retain her breadth of experience and knowledge, which will be vital at a strategic level as the business enters its next stage of growth.

With almost 25 years’ experience in Audit and Risk, Laurence Bogni-Bartholmé, joins Lowell from Wells Fargo, where she was Head of International Risk Oversight EMEA. Born in France, Laurence is a graduate of the University Paris-Dauphine (UPD), with post-graduate studies (UK Masters degree equivalence) at UPD and University Aix en Provence. Her extensive studies covered accounting, finance, tax and audit. As Group CRO, Laurence will report to Group CEO, James Cornell and will lead the risk and compliance functions across Lowell. She will join the Group Executive and become a member of the Group Board.

Having initially joined international audit, tax and accountancy firm, KPMG, from university, Laurence has worked in senior Risk roles for some of the most respected names in financial services across Europe, including Credit Agricole and GE Capital. In 2014, Laurence joined Wells Fargo as Head of International Risk Oversight EMEA in the Corporate Risk division, where she was responsible for providing independent oversight and credible challenge to strengthen risk management and foundational business practices. Her area of responsibility included operational risk management, regulatory compliance risk management, financial crime, information security and technology risk management for all jurisdictions, countries, legal entities and businesses in the EMEA region.

Commenting on the appointments, CEO, James Cornell said:

“I am pleased to welcome Laurence to the team. We have significant growth plans, and a strong and resilient approach to risk across the business is vitally important to delivering them. With her years of experience across European markets, she will be real asset to the business as we enter the next stage of our growth.

“I would like to extend my thanks to Sara for the years of help and support she has provided me, the executive team and the business more widely. To have her join the UK Board as a Non-Executive Director is recognition of how much we value her insight, experience and her contribution to the success of the Group to date.”

“I welcome Sara and Laurence to their new roles, and look forward to working closely with both of them to deliver our risk, strategic and commercial goals.”

It has also been confirmed that new Group General Counsel & UK CRO, Bill Flynn, whose appointment was recently announced, will take up office from 4th September.

Note to Editors

About Lowell:

Lowell is one of Europe’s largest credit management companies with operations in the UK, Germany and Austria, and a vision to be the best in its field in Europe. Lowell combines its principled approach, international experience, deep understanding of data analytics and operational efficiency to serve every part of the credit management value chain, with expertise in debt purchasing, third party collections, business process outsourcing, credit management and e-commerce.

Previously named Lowell GFKL Group, Lowell was formed in 2015 following the merger of the UK and German market leaders: the Lowell Group and the GFKL Group. It is backed by global private equity firm Permira, and Ontario Teachers’ Pension Plan, and is headquartered in both Leeds (UK) and Essen (Germany). For more information on Lowell, please visit our investor website: www.lowellgroup.com

For further information, please contact:

Media enquiries:

Carol Ord, Head of Communications UK
Telephone: + 44 7814 430 330
Email: media@lowellgroup.com

Lowell, a European leader in credit management services, delivered another quarter of strong growth in the Q2 period, 1 April to 30 June 2017, it announced today.

The Group’s sustainable growth plan continues to be delivered through its consistent data-driven insight, portfolio diversification and consumer-centric focus.

Operationally, these results have been underpinned by Lowell’s continued commitment to people, strong governance, process improvement and extensive data capabilities.

Financial Highlights

  • 28% y-o-y increase in Cash Income to £143m1
  • 18% y-o-y increase in Cash EBITDA to £71m1
  • 26% y-o-y increase in ERC to £1.9bn2
  • 44% of acquisitions over the last 12 months from forward flow agreements
  • Maintained balance of acquisition mix across a range of sectors
  • Collections ahead of forecast

Operational Highlights

  • Full FCA authorisation achieved
  • First UK business to receive Investors in Customers (IIC) Gold award3
  • Senior management team further strengthened

Colin Storrar, Group Chief Financial Officer, said:

“By focusing on our core strategy of combining sophisticated decision science with class-leading customer service, we have again delivered strong quarterly growth across our key metrics.

“The Group’s work to expand its data capabilities, reinforce operating structures and put clients and consumers first, consistently underpins our operational strategy and provides a good platform for second half.”

To join the Q2 Bond call at 10.30am BST today, please register on the investor website: www.lowellgroup.com

1 for the three months to June 2017
2 as at 30 June 2017
3 relates to Lowell Financial Ltd

Overview

Lowell has continued to deliver growth in Q2 by remaining focused on its core strategy of combining advance decision science, customer-centric culture and practices with focused governance. The Group’s vision is to be recognised as the best in the industry.
Central to this plan has been achieving full FCA authorisation. This was delivered in June, following the work to complete the successful merger of the Lowell Group and GFKL.

Our customer-centric approach and wider investment in our people, continues to be recognised by respected independent bodies. The feedback of our own customers saw us receive Investor in Customers’ highest rating for the third year in succession, and become the first to take its newly branded “Gold” status.

Ensuring the business has the highest quality leadership which blends insight and experience is key to its sustainable success. This quarter saw the appointment of Bill Flynn as Group Counsel and UK CRO. Bill brings deep experience of the financial services regulatory environment. We also announced Laurence Hamilton had joined us to lead our strategic business development as we look to grow our book and client base further.

Delivering our financial objectives

In the second quarter, our financial performance remained focused on growing the NPL portfolio in order to continue the upward trends in Cash Income, Cash EBITDA and Estimated Remaining Collections (ERC).

NPL portfolio acquisition saw a 22% increase for the 12 months to June versus the previous year. Cash Income rose to £143m in the quarter, compared to £112m in the corresponding quarter in 2016 and ERC reached a new record level of £1.9bn.

The quarter has also seen continued growth and investment in our unrivalled decision science and data analytics. As a result, Lowell collected 105% of forecast collections, as at December 2016, for the six months to 30 June 2017; with the Group projecting the value of ERC over the next ten years at £1.9bn and with £730m projected to be collected in the next 24 months.

We continue to drive diversification in our portfolio. This provides positive benefits through enhanced customer relationships, while helping to avoid sector and regional concentration risks. The current portfolio sector mix is 39% Financial Services, 36% Retail, 20% Communications and 5% other. ‘Off market’ acquisitions, from forward flow agreements, rose to 44% of the mix – evidence of further strong client relationships.

Notes to Editors

About Lowell:

Lowell is one of Europe’s largest credit management companies with operations in the UK, Germany and Austria, and a vision to be the best in its field in Europe. Lowell combines its principled approach, international experience, deep understanding of data analytics and operational efficiency to serve every part of the credit management value chain, with expertise in debt purchasing, third party collections, business process outsourcing, credit management and e-commerce.

Previously named Lowell GFKL Group, Lowell was formed in 2015 following the merger of the UK and German market leaders: the Lowell Group and the GFKL Group. It is backed by global private equity firm Permira, and Ontario Teachers’ Pension Plan, and is headquartered in both Leeds (UK) and Essen (Germany). For more information on Lowell, please visit our investor website: www.lowellgroup.com

For further information, please contact:

Investor Relations enquiries:

Jon Trott, Head of Investor Relations
Telephone: +44 7551 153 793
Email: investors@lowellgroup.co.uk

Media enquiries:

Carol Ord, Head of Communications UK
Telephone: + 44 7814 430330
Email: media@lowellgroup.co.uk

Henrik Hannemann, Head of Communications DACH region
Telephone: +49 201 102 1172
Email: Comms@lowellgroup.de