ITJTY - Intrum AB (publ) (ITJTY) Q1 2024 Earnings Call Transcript
2024-04-24 22:42:08 ET
Intrum AB (publ) (ITJTY)
Q1 2024 Earnings Conference Call
April 24, 2024 03:00 ET
Company Participants
Andres Rubio - Chief Executive Officer
Emil Folkesson - Interim Chief Financial Officer
Conference Call Participants
Jacob Hesslevik - SEB
Patrik Brattelius - ABG
Ermin Keric - Carnegie
Wolfgang Felix - Sarria
Angeliki Bairaktari - JPMorgan
Jacob Hesslevik - SEB
Presentation
Operator
Welcome to the Intrum Q1 2024 Report Presentation. [Operator Instructions] Now I will hand the conference over to CEO, Andres Rubio and Interim CFO, Emil Folkesson. Please go ahead.
Andres Rubio
Good morning, everyone from a gray and slightly chilly Stockholm. Thank you for joining us here this morning. As the operator said, I’m here with Emil. And we’re here to present the results for the first quarter of 2024. So with no further ado, I’ll jump into the presentation and obviously, at the end, as always, we will have time for Q&A.
But starting on Page 3, I would characterize the quarter as being one where we delivered good results despite this being a seasonally slow quarter, and in particular this year, because this year, Easter holiday fell in the first quarter, and it more typically falls in the second quarter as it did last year. So comparatively, our figures are that much more impressive in my opinion.
Top left, overall, top line growth of 8%, EBIT growth of 8%, EBITDA growth of 2%. This has been driven by M&A as well as organic growth that we’ll get into. We continue to extract cash from our back book and our leverage ratio was stable, but would have declined had it not been for some headwinds on the FX front. Looking at the two businesses on the bottom half of the page, bottom left, external top line is growing 16% in servicing, again, driven by M&A, but as well as organic growth in North and Middle Europe. And also that growth is also being driven by last year having been a record year for new contracts. Some of those are starting to filter into our revenue and driving the top line. And as you can see, even though last year was a record year for new contract or annual contract value, ACV signings, the first quarter, quarter-on-quarter is still up 11%. So we are compounding our new contract volumes on what was a record year last year, demonstrating the significant momentum in this business....
Intrum AB (publ) (ITJTY) Q1 2024 Earnings Call Transcript