Credit Clear Limited's Acquisition of Debt Recoveries Australia Pty Ltd

Credit Clear Limited (ASX: $CCR) has acquired a 100% interest in Debt Recoveries Australia Pty Ltd, ADC Legal Pty Ltd, and Nova Team Solutions Inc for a consideration of $1,500,000, payable 60% in cash and 40% CCR equity. This acquisition has resulted in Credit Clear Limited gaining control over the DRA Group.

Executive Commentary on Financial Performance and Acquisition

The Board and Executives of Credit Clear Limited have focused on developing digital collections technology to enhance the customer experience and optimize receivables management, resulting in a profit of $0.974 million in EBITDA for the six months ending 31 December 2023. The acquisition of Debt Recoveries Australia Pty Ltd, ADC Legal Pty Ltd, and Nova Team Solutions Inc for $1,500,000 further strengthens our position in the market and aligns with our strategy of providing full end-to-end collections management offering to clients.

Summary of Credit Clear Limited's Half-Year Financial Report

Credit Clear Limited's half-year financial report for the period ending 31 December 2023 reflects a 15% increase in revenue from customers, amounting to $20.03 million, driven by both existing and new clients. The company reported a profit of $0.974 million in EBITDA, a significant improvement from the previous year. The acquisition of Debt Recoveries Australia Pty Ltd, ADC Legal Pty Ltd, and Nova Team Solutions Inc for $1,500,000 demonstrates Credit Clear Limited's commitment to enhancing its collections management offering. Looking ahead, the company aims to continue its focus on developing digital collections technology and providing traditional collection services to optimize results for clients and drive new client acquisitions.