Euroloan Group Oyj
Highest revenue quarter in Euroloan’s 10-year history
The third quarter of 2017 generated the highest revenue for Euroloan Group in its history. Poland and Sweden set new record revenues, up 108% in Sweden and 259% in Poland.
Helsinki, Finland, 2017-10-12 11:34 CEST (GLOBE NEWSWIRE) --
“We are very pleased with our third quarter revenue, which sets a new record for the group,“ said James Hickson CEO of Euroloan Group. “This remarkable performance underscores Euroloan’s ability to gain market share, drive growth and deliver outstanding service to our customers. This quarter further raises our confidence in the group’s ongoing ability to create value.”
Revenue growth for the third quarter in the Polish market was 259% compared with Q3 2016. Revenue growth in Sweden for the same period was 108%.
Hickson continues, “We have been incredibly successful in Poland developing a highly optimized media mix including a successful TV campaign that drove increased brand awareness. This, coupled with our recent partnership with Poland’s largest broker, position us well for continued growth in this market.”
“In Sweden we have continued to grow market share by offering an attractive alternative to traditional single loan products. With investments in new offerings, customer service, improved scoring and hiring a full time head of marketing we are confident that we can continue our current growth trend”.
“We have seen strong competition in Finland, with all players investing heavily to capture market share. We have continued to make significant investments to better position our services, improve our pricing, offer longer maturities and enhance our marketing to both consumers and brokers. We have further deepened our bench of talent making strategic hires to support our continued growth story. Though we have seen revenue fall by 17% in Finland in Q3 compared to 2016, our new products - that shift our pricing from immediate revenue towards strong future income and a higher quality customer demographic - position us well for record growth in Q4 and beyond.”
“Further, we have made group-wide strategic investments to enhance our brand, scale our pay by invoice product currently in beta, and identify new markets to launch in 2017 and 2018. While the new services and related investments have caused significant one-time costs (which will have an adverse effect on profitability for this year), we anticipate a record fourth quarter and the foundation required for outsized growth in 2018. At the group level, and excluding 2016 one-time events, we are on track for 2017 to be a record year for Euroloan in terms of revenue, while also a pivotal one. We have made the critical investments required to identify green field opportunities, further accelerate growth and drive long term profitability”, concluded Hickson.
“I am extremely proud of our people,” said Tommi Lindfors, Chairman of Euroloan Group. “Our strong performance this year validates our strategic decisions, customer-focused commitment and the ability of our team to deliver disruptive solutions on an international scale. As we approach the company’s 10-year anniversary this November, I’m happy to find us better positioned for further rapid growth than we have ever been in our history.”
About Euroloan Group
Euroloan Group PLC is a rapidly growing international group, specialized in highly automated financial services and financial technology (FinTech).
Utilizing advanced algorithms, machine learning and true end-to-end automation, the Group offers consumer loans, credit cards and merchant payment solutions on Euroloan’s secure cloud-based platform.
More information about Euroloan Group is available at www.euroloan.com, Finland www.euroloan.fi, Poland www.euroloan.pl and in Sweden on www.euroloan.se.
For more information, please contact:
Euroloan Group Plc
Tel +358 10 217 1003