Despite the pandemic. 2021 marked a record year for Encore’s financials
Despite the economy-wide impacts of the COVID-19 (coronavirus) pandemic that began in 2020 and has continued to progress with new variants, Encore increased collections by 9.0% and revenue by 8.0% in 2021. The company’s US business continued with strong collections and portfolio purchases, driving strong growth. Meanwhile, Encore’s Europe-based Cabot business, which was more severely impacted in 2020, exhibited sharp growth in 2021, outpacing that of the overall company. Strong growth in 2021 represents a positive outlook for the company as the economy recovers from the COVID-19 (coronavirus) pandemic.
COVID|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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