StockMarketWire.com - Arrow Global Group said underlying profit before tax increased 14.1% in the first quarter of the year, amid an improving pricing environment and the asset manager also announced its first securitisation of loan portfolios.

For the three months ended 31 March 2019, underlying profit before tax increased 14.1% to £16.2m from a year earlier.

Organic portfolio purchases in the quarter fell to £56.4m from £79.9m a year earlier, with company opting to conserve 'investment firepower' for later in the year. 

Core collections increased 22.7% to £105.5m and Third-party asset management and servicing income increased 21.7% to £23.0m.

The company also announced its first securitisation of loan portfolios via a £100, revolving commitment, which it said added an 'important element of diversification to our funding structure at attractive cost and modest scale.'

'We are pleased with the investment returns we have achieved so far in Q1 and believe that the pricing environment will continue to improve. Cash generation will continue to be a major priority through a heavy focus on delivering strong returns and our cost efficiency agenda,' said  Lee Rochford, Group chief executive officer of Arrow Global.


At 9:48am: [LON:ARW] Arrow Global Group share price was +1.45p at 196.45p



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