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Lindorff / Lock AS Q3 2016: Continued double-digit growth in revenues and earnings

Press Release   •   Nov 03, 2016 06:59 GMT

Klaus-Anders Nysteen, CEO Lindorff Group

Oslo, 3 November 2016 | The leading European full-service credit management services provider, Lindorff, continued its strong performance in Q3 2016. Net revenue in the quarter was EUR 167m, an increase of 26 percent compared to the same quarter last year, and adjusted EBITDA excluding non-recurring items was up 32 percent to EUR 110m compared to the same quarter last year.

The growth was driven mainly by contributions from Aktua, the Spanish company acquired by Lindorff in June 2016, as well as by positive developments in underlying external servicing revenue.

Subsequent to the quarter, Lindorff entered into a strategic co-investment partnership with CarVal Investors and AlbaCore Capital. The partners have committed to deploy up to EUR 350m in aggregate for acquisitions of unsecured non-performing loans in Europe. This agreement represents another milestone in Lindorff’s growth strategy.

In October, Lindorff also secured additional funding through new loan facilities and it entered into a strategic agreement with the payment provider Bambora of Sweden to deliver payment solutions in the Nordic region.

“These and other strategic agreements combined with our strong financial performance position us well for capturing further market growth as we continue to work closely with our clients across 13 countries in Europe,” said Klaus-Anders Nysteen, CEO of Lindorff.

Lindorff has two main business lines, Debt Purchasing and Debt Collection. Investments in Debt Purchasing amounted to EUR 26m in Q3 2016 compared to EUR 93m in Q3 2015. Over the last twelve months, investments in Debt Purchasing amounted to EUR 331m. Lindorff continued to deliver collection performance on its purchased portfolios above forecast at 102% in Q3.

For the complete Q3 financial report and presentation, please see our investor relations home page: www.investor.lindorff.com.

About Lindorff

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 4400 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

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