Arrow Global Reports Strong Earnings After IPO

http://www.insidearm.com/news/00040319-arrow-global-reports-strong-earnings-afte/

UK debt buyer Arrow Global reported a strong increase in earnings and collections in its first earnings release since going public.

Arrow said that income increased 86 percent to$29 million in the first nine months of 2013 driven by a 45 percent increase in cash collections to $152.7 million.

“We see a strong pipeline of portfolio acquisition opportunities ahead and, while the market remains competitive, our ability to access multiple sources of origination will allow us to invest at or above our target returns,” said chief executive Tom Drury.

The Manchester, UK-based ARM firm had a strong debut on the London Stock Exchange in early October. Since going public, the firm’s stock price has increased about 12.5 percent.