Repcol expands

PERTH-BASED debt collection company Repcol has announced its first acquisition of a distressed debt ledger in nine months.

It has purchased a $57 million debt ledger from GE Capital Finance.

The lack of debt ledger purchases during 2003 contrasts with the steady stream of purchases made by Repcol during 2002.

Over the 11 months to November 2002, the group acquired distressed debts with a face value of more than $500 million.

Managing director Peter Di Prinzio said the latest purchase leveraged Repcol’s recent experience in collecting GE’s finance products.

He added that Repcol has been “working hard over the last six months to grow our debt recovery capacity to match our appetite for debt ledger acquisition”.

The company recently said it expected to report a net profit of $2.7 to $2.9 million for the year ended June 2003 and $5.0 to $6.0 million for the year ended June 2004.