Target doubles profits
Its turnover has increased by £11m over the same period from £34.7m to £46.1m, while its assets under management rose from £17bn in 2013 to £22bn in 2014.
Paddy Byrne, chief executive of Target Group, said: “We have had a very successful year which included migrating several portfolios across a range of asset classes in seamless well managed processes and collecting cash in excess of clients’ expectations, all in a compliant and customer centric manner.
“These results demonstrate our market leading capabilities and the fact that our clients can rely on exceptional regulatory and economic performance in the portfolios we administer.”
During the year Target processed over £5.5bn of direct debits and collected over £400m of arrears on behalf of clients.
Its software development team has implemented an accounting system and hosted a payment system for the Driver and Vehicle Licensing Agency, which will enable the processing of over 10 million direct debits in support of the phase out of the road tax disc.
Byrne added: “Our success has been underpinned by our people, all UK based, in our servicing and software development operations.
“We have also increased the quality of our team through a number of significant hires in key positions.
“These hires, combined with our strong existing team, underline our determination to improve what are already exceptional outcomes for our clients and position Target for further profitable growth.”