Debt recovery agency Everyday collected €15.6 million on behalf of its clients last year, almost double the amount recorded a year earlier.
The increased collections helped the company achieve a significant rise in revenues, which increased to nearly €5 million from €3.03 million in 2019. Pre-tax profits also rose, increasingly to €1.9 million from €638,478 in the prior year.
A breakdown in revenues shows turnover secured from the servicing of non-performing loans jumped from €1.6 million to €3.8 million in 2020.
Galway-based Everyday is one of the largest credit management, debt purchase and recovery businesses in the State. Founded in 1976 as Everyday Finance, the company was originally a consumer loan provider. Citibank acquired the business in 1999 before later exiting the market. Billy Kane's Finance Ireland purchased it for an undisclosed sum but later sold it on to London-based Link Financial Group in 2016.
The company, which employs about 40 people, saw staff costs rise to €2.33 million from €1.75 million as headcount rose from 30.