COLLECTION HOUSE RACKS UP RECORD PROFIT

Written on the 21 August 2014

COLLECTION HOUSE RACKS UP RECORD PROFIT COLLECTION House Limited (ASX: CLH) has posted a record net profit after tax of $18.7 million for the 2014 financial year.

This is the seventh consecutive year of growth for the company and a 20 per cent increase on the previous corresponding period’s result. 

This was possible through a record $82.2 million investment in new purchased debt ledgers and a 10 per cent rise in collections from last year, and backed by a staff base that grew 18 per cent over the period.

CLH group chair David Liddy (pictured) says the recurrence of double-digit growth is a tribute to the company’s sustainable business model.

“We have had seven successive years of growth, which demonstrates the group’s sustainable business model and highlights the strong prospects for continued success in the years ahead.

“We have continued to de-risk the business and deliver against all key shareholder value measures.

“We replaced a number of systems including the core collection software platform utilised by Lion Finance, which required substantial data migration and the retraining of all relevant staff.

“Our investment in new technology platforms and data analysis allows us to respond quickly to the needs of our clients and changes in the market. In fact, our technology division is a key component of our competitive advantage and ongoing operational success.”

CLH CEO and managing director Matthew Thomas says the company also introduced a corporate social responsibility in February this year with the view of becoming a leader in ethical practice.

“We remain driven by an unwavering commitment to conduct business that is ethical, lawful and respectful of its community and environment,” says Thomas. 

“We introduced a corporate social responsibility policy in February 2014, using the ISO 26000 standard to integrate social responsibility into our organisation.

“A highlight of our CSR program was providing key support for the successful launch of the national hardship register (NHR), which has already produced great results.

“Like many of the investments in business growth that we have made during the last financial year, the NHR is another platform from which great things can be expected in the future.”

CLH anticipates further growth in its net profit after tax for 2015 financial year between $21 million and $22 million as it expands its services.

The company has already committed under contract to a $53 million investment in purchased debt ledgers for 2015 financial year.

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