· Increased earnings – Operating earnings, adjusted for non-recurring expenses, revaluations and items affecting comparability increased to SEK 1195 million, up 20% versus last year · Strong quarter for portfolio investments – Portfolio investments of SEK 2.4 billion. Portfolio carrying value increased by 29% year on year and ROI remains at 15 per cent, same level as Q1 · Improved CMS margin – 28%, up from 25% in Q1 · On-track with improved synergy targets – Run rate synergies of SEK 380 million realised so far · Strong cash flow from operations – SEK1.7 billion taking Net Debt / Cash EBITDA to 3.8x
“We are pleased with a strong second quarter and are delivering gradually improving results across all areas of the business: solid investment level whilst maintaining returns, pricing discipline, excellent collection performance, hitting the improved synergy targets, improving CMS margins and starting to see some tentative signs of organic CMS revenue growth”, said Mikael Ericson, President and CEO for Intrum.
“Looking forward we are encouraged by positive signs of increasing momentum in the business. We see an attractive market in which we, as the leading European player, will be able to capitalize on our competitive strength and diversified footprint. We know that it may not always be a continuous upwards path but we remain confident in our ability to deliver all of our 2020 targets”, adds Mikael Ericson.
The interim report and presentation material are available at intrum.com/investors.
Mikael Ericson, President & CEO, and Thomas Moss, Acting CFO, will comment the results in a live webcast on July 24 at 9:00 a.m. CET.
To listen in to the conference live, please dial:
+44 20 3008 9817 (UK)
+46 8 5063 9549 (SE)
+1 855 831 5947 (US)
Link to live webcast
For further information, please contact:
Mikael Ericson, President & CEO, tel: +46 8 546 102 02
Thomas Moss, Acting CFO, tel: +46 8 546 102 02
Louise Bergström, Head of Investor Relations, tel: +46 8 546 103 42
This information is information that Intrum AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 07.00 CET on 2018-07-24.