The key metric collection performance in Q1 was 105.1% (93% in Q1 2023), with a write-up of portfolios of MNOK 3. In Q4 2023, the collection performance ended on 102.8%, up from 90% in Q3 2023.
– For me, this is solid evidence that we are on the right track. Of course, previous write-downs contribute to a good result for us, but the indicators are pointing in the right direction, says Rolf Eek-Johansen, CEO of Kredinor.
Other financial highlights from Q1 2024:
- Cash revenues in Q1 was MNOK 559 (MNOK 533 in Q1 2024)
- EBITDA was MNOK 84 (55)
- Cash EBITDA was MNOK 271 (290)
- Adjusted EBIT at MNOK 57 (94)
In addition, Q1 2024 was the best quarter for CMS since Q2 2023 with a total CMS revenue at MNOK 176 (MNOK 168).
Cost control
– Although this is a result in the right direction for Kredinor, we still have a distance to go before we are back on track. We need to strengthen the revenue side and we need to keep tight cost control, as we did in Q1. Going forward, this will be key for us to achieve success, says Rolf Eek- Johansen.
As reported earlier, Kredinor has relaunched a strong focus on the company’s core business.
– When it comes to new sales and renewals, I am truly happy for what is delivered this far. We have constructive dialogue with many new and existing clients in our Nordic market and have closed many deals during the quarter.
Capital light
11 April 2024, just after the first quarter was closed, Kredinor signed its first Capital light deal, starting to realize the group’s Capital light strategy. The agreement for securitization of an NPL (Non-Performing Loan) portfolio in Sweden has a gross volume of approximately 700 MSEK.
– This is an important step for us being more cost effective in our investments. We expect to see more deals like this, says the Kredinor CEO.
Confirmed as new CEO
Yesterday, Rolf Eek-Johansen was confirmed as new, permanent CEO to Kredinor, after having served in the position since December. He has more than 20 years of experience in the debt collection industry, including as CEO of Modhi from 2017 until the merger. He left the company in 2023, following the Kredinor-Modhi merger.
– I am highly motivated for the task; turning the big Kredinor ship back on the right course and to have a profitable operation. I thank the board for the trust shown to me and look forward to continuing the work together with the entire skilled Kredinor team.
New CFO at Kredinor
At the same time, Bjørn Ove Ottosen has been appointed as CFO of Kredinor. Ottosen is currently the Head of Treasury and Corporate Finance at Kredinor and was CFO at Modhi before the merger with Kredinor.
– I know Bjørn Ove as a solid colleague from our time together at Modhi. I am therefore very pleased that he will take on this responsibility in an important time for us, says Rolf Eek-Johansen.
