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.


Latest News

INTEREST IN RETAIL PROPERTY SPIKES AS INTERNATIONAL BRANDS LOOK TO ROLL OUT IN AUSTRALIA

AN influx of international retail brands into Australia over the next five years are expected to push up demand for f...

MANTRA BOASTS OF SUCCESSFUL HOTEL INTEGRATION AS NET PROFIT GROWS 15 PER CENT

MANTRA Group (ASX:MTR) CEO Bob East has praised the performance of the company's new Honolulu Hotel as it posted ...

WHITEHAVEN TRIPLES EARNINGS, PAYS DOWN DEBT AFTER COAL PRICE TURNAROUND

THE HIGH coal price has allowed Whitehaven Coal to triple earnings and pay down a large portion of its debt in the fi...

BABY BUNTING BUOYED BY CLICKS AND BRICKS PERFORMANCE

BABY Bunting has grown sales 18.1 per cent to $135.1 million in the first half of FY17, sweetened by the opening o...

Related News

WHY EMPLOYEE-OWNED COMPANIES ARE BEATING ASX200 SHARE PRICES

EMPLOYEE-owned companies command a higher share price than their publicly listed peers, reaping a 17 per cent prem...

RISE OF THE MACHINES HAS WORKERS SWEATING

UP TO 3.8 million Australian workers are fearful their job may soon be terminated by a robot, a new survey has shown....

LESS TALK, MORE SMALL BUSINESS ACTION IN 2017

THE future growth and prosperity of Australian SMEs could be undermined if governments lose sight of the sector...

TEST DRIVE A POST GRAD AT BOND

THERE'S only one way to really move your career into the fast lane, says Bond University, and 'test driving...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter