COLLECTION HOUSE BOSS QUITS

Written on the 2 July 2010

COLLECTION HOUSE BOSS QUITS

COLLECTION House Limited (CLH) CEO Tony Aveling (pictured) has announced his retirement with the debt management company on a high note, following positive first half results and positive buyer sentiment in the share market.

Aveling says he originally intended to stay at the ASX-listed debt collector for two years, but opted for a three-year term to complete the changes he wanted to make in the company.

“This is the optimum time to hand over the leadership – Collection House is now strongly placed in its chosen markets, we have clearly demonstrated a track record of delivering growth in profits and dividends, and we are well placed with our strategic priorities,” he says.

He will hand over the reins to chief operating officer Matt Thomas who will assume the CEO role, after announcing the 2009/10 full year results in July.

Thomas has 20 years of experience in collection in industries ranging from banking and finance to insurance, government, telecommunications and small business.

“This is a passing of the baton and there will be a continuation of the strategies which have served us so well, particularly capitalising on our strengths in debt purchasing, contingent collections and receivables management,” says Thomas.

The company recorded a 34 per cent increase in underlying profit for the first half of this financial year, while earlier this month Sydney-based Propel Investments bought a 10.3 per cent share in the debt collector.

Tamawood Homes managing director Lev Mizikovsky also bought shares in CLH in May and now has a 6.3 per cent stake.

CLH shares remained flat today at 73 cents.


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