Solid performance, full European footprint established
Second quarter, April-June 2019:
- Consolidated net revenues increased to SEK 3,784M (3,630).
- Adjusted EBIT increased to SEK 1,561M (1,196).
- Net Debt / Cash EBITDA amounted to 4.3x (3.9x).
- Portfolio investments amounted to SEK 1,436M (2,385). The return on portfolio investments increased to 15 per cent (14).
- Net profit increased to SEK 879M (701), and earnings per share increased to SEK 6.26 (5.33).
- Cash flow from operating activities increased to SEK 1,897M (1,679).
- Strategic partnership established in Greece through an agreement with Piraeus Bank.
- Launch of EUR 60M efficiency improvement programme supporting our 2020 targets.
Comment by President and CEO Mikael Ericson
“I am pleased that we are able to report another good, solid set of quarterly results, with adjusted EBIT up 31 per cent year-on-year. We note a clear improvement in margins in our credit management service line (CMS) and have delivered a stable ROI of 15 per cent within portfolio investments. This resulted in an EPS of SEK 6.26 and continues the progress required to achieve our 2020 targets.”
“During the quarter, we also strengthened our footprint in Southern Europe through the establishment of a strategic partnership with Piraeus Bank in Greece. This means that we’re taking the final step in securing our leading position in all major European markets.”
“As part of our efforts to further increase operational efficiency, we are initiating an efficiency improvement programme, targeting a further EUR 60M in bottom line impact in 2020. The programme will include activities such as fully integrating our acquisition of Solvia into our existing Spanish operations and carefully prioritising key projects within areas such as IT to ensure we benefit from the size and scale of our organisation. This will lay the foundations for an even more competitive and efficient Intrum beyond 2020.”
For further information, please contact:
Viktor Lindeberg, Head of Investor Relations
+46 (0) 8 546 102 02
This information is such that Intrum AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act. The information was released for publication, through the agency of the contact person set out above, on July 18, 2019 at 07.00 a.m. CET.