Intrum Justitia Announces Results for Second Quarter, First Half of 2011

European ARM company Intrum Justitia today released its interim financial report for the seond quarter and first six months of 2011.

Second quarter highlights:

• Consolidated net revenues for the second quarter of 2011 amounted to SEK 977.5 M ($148.1 million), up 6 percent from the previous year. Adjusted for currency effects, revenues rose by 10.1 percent, of which organic growth amounted to 2.7 percent.
• Operating earnings (EBIT) amounted to SEK 210.6 M ($31.9 million). Adjusted for currency effects, this corresponds to an increase in operating earnings of 22.2 percent.
• Net earnings for the quarter amounted to SEK 110.7 M ($16.8 million), an increase of 30 percent, and earnings per share were SEK 1.39 ($0.21).
• Disbursements for investments in purchased debt amounted to SEK 276.4 M ($41.9 million), an increase of 39.4 percent.

“Intrum Justitia continues to develop well in 2011,” said Intrum President and CEO Lars Wollung. “All indicators suggest that demand for services combining traditional credit management with purchased debt will continue to increase. As a market leader, with an integrated range of services in these areas, Intrum Justitia benefits by this trend. We see good opportunities to continue expanding our service offering, particularly early in the payment chain, in areas such as credit decision solutions and payment solutions. Our extensive program of measures to enhance earnings in the Credit Management service line continues and is expected to generate beneficial effects over the coming years.”

Intrum Justitia is Europe’s leading Credit Management Services (CMS) group, offering comprehensive credit management services, including purchased debt, designed to measurably improve clients’ cash flows and long-term profitability. Founded in 1923, Intrum Justitia has some 3,100 employees in 22 markets. Intrum Justitia AB is listed on NASDAQ OMX Stockholm since 2002.