Manchester debt recovery specialists Arrow Global has reported a strong first half, with profit up more than 200 per cent.
The group revealed profit before tax surged 203.7 per cent to £32.5m for the six months to June 30, up from £10.7m reported the year previous.
Total income at the group increased 6.5 per cent to £177.7m, up from £166.9m reported last year.
Lee Rochford, Arrow Global Group CEO, said: “These are a strong set of results reflecting the strength, breadth and quality of the group’s business.
“All key financial metrics have improved on last year and we have continued to generate asset purchases across our markets at attractive expected returns.”
A cost review undertaken by the firm revealed a minimum £20m of cost run-rate savings are expected to be delivered by the end of 2020, with an estimated cost to achieve of £20m, supporting simplification, enhanced efficiency and flexibility in AMS operations.
Mr Rochford said: “In order to ensure maximum efficiency and flexibility within our operations, we have undertaken a group-wide cost review, which is now being implemented.
“This will support the delivery of our strategic objectives and improve operating leverage over time.”
Mr Rochford said the group “remain confident” in its ability to finish the year within a target leverage range of 3.0 times to 3.5 times, and deliver on broader medium-term financial objectives.
Arrow reported its leverage had reduced to 3.6 per cent from 4.0 per cent the year before.
