12 February 2020, 07:00 CET

Axactor Group

Stock notice

Axactor ends the year with high growth and margin expansion

Axactor continued its profitable growth journey at the end of 2019, reporting growth in all business segments for both the fourth quarter and full year. Gross revenue increased by 32% to EUR 99 million for the fourth quarter and by 54% to EUR 368 million for the full year. EBITDA was up 22% to EUR 24 million in the fourth quarter and doubled to EUR 92 million for the full year, whereas cash EBITDA increased by 50% to EUR 67 million in the quarter and by 84% to EUR 251 million for the full year.

Earnings before tax amounted to EUR 8.5 million for the quarter and EUR 32.6 million for the full year, whereas net profit amounted to EUR 6.5 million in the fourth quarter, and EUR 21.0 million for 2019.

Gross revenue in the NPL segment (non-performing loans) increased by 54% to EUR 60.8 million in the fourth quarter and by 86% to EUR 217.1 million for the full year. ERC (estimated remaining collection) on the NPL portfolio increased by 47% during the year to more than EUR 2bn at the end of 2019.

“Axactor’s efficient and scalable operating model is proving its value, with a doubling of EBITDA with improved operating margins in 2019. We see increasingly attractive NPL investment opportunities in our markets and are pleased to have secured additional funding to continue our profitable growth strategy going forward,” says CEO Endre Rangnes in Axactor.

February 5th, the company raised NOK 517.5 million (EUR 51 million) in gross proceeds from a private placement of 30 million shares at subscription price of NOK 17.25 per share. In the fourth quarter 2019 the funding base was expanded through a EUR 150 million increase of a credit facility in the form of two accordion options, each of which for EUR 75 million, with the company’s two main banks. One of the options was executed in October.

Axactor invested EUR 95 million in NPL portfolio acquisitions in the fourth quarter, bringing total portfolio investments in 2019 to EUR 399 million. In 2020, the company targets investments in NPL portfolios in the range of EUR 350-400 million.

For additional information, please contact:

CEO Endre Rangnes
Mobile phone: +47 482 21 111
Email: endre.rangnes@axactor.com

CFO Johnny Tsolis
Mobile phone: +47 913 35 461
Email: johnny.tsolis@axactor.com