Net revenue was up 3 % to EUR 135m and Adjusted EBITDA was up 15 % to EUR 88m excluding non-recurring items. Measured in constant currency, net revenue was up 6 %.
– We continue to see profitable growth driven by important new business and investments over the last twelve months. With the integration of Casus Finanse in Poland and the two large Nordic debt purchasing deals, we have a strong momentum as well as a healthy pipeline moving ahead in 2016, says Klaus Anders Nysteen, CEO of Lindorff Group
Lindorff’s Debt Purchasing segment had a very strong quarter driven by the high investments in 2015.Over the last twelve months, Lindorff has invested EUR 376m in the Debt Purchasing business. At the end of the first quarter, the Estimated Remaining Collections (ERC) on Lindorff’s own portfolios totaled EUR 2.4bn, up 22 % compared to the same date last year. The collection performance continues to deliver at a high level, coming in at 104 % in the first quarter.
Lindorff Group maintains a balanced business model with debt collection and debt purchasing contributing 52 percent and 44 percent of revenues respectively. Other services contribute 4 percent of group revenues.
Other services consist of invoicing, payment services and other income. While still a relative small part of total net revenue (EUR 2.3m in Q1), payment services is showing positive development and will be an important growth area for Lindorff going forward.
Founded in 1898, Lindorff is the leading full-service European credit management service provider, offering services within debt collection and debt purchase as well as payment and invoicing services.
The company has 3700 employees in 13 countries with headquarters in Oslo, Norway. In 2015 Lindorff generated EUR 534 million in net revenue (2014: EUR 475 million).
Lindorff is majority owned by Nordic Capital Fund VIII. www.lindorff.com