Dominion Lending Centres has announced that the third quarter of 2020 was the most profitable quarter in the company’s history.
As reported by parent company Founders Advantage, DLC posted revenues of $14.1 million (up 6.7% annually), adjusted EBITDA of $8.5 million (up 5.4%), and funded volumes of $13.3 billion (up 4.8%) during Q3 2020.
“DLC’s continued focus on broker retention, broker recruitment and expense management has contributed to the record results they achieved in Q3 2020. Revenue, EBITDA, and funded volumes were the highest in DLC’s history, which is a significant milestone, particularly during a global pandemic,” said James Bell, president and CEO of Founders Advantage.
The record levels contributed in large part to Founders Advantage generating record adjusted net income of $5 million in Q3, compared to the $2.2 million seen during the same quarter last year.
All told, Founders Advantage achieved $25.5 million of revenue (up 9.8% annually) and record adjusted EBITDA of $12.9 million (up 19.6%) in during the third quarter.
DLC is set to be fully acquired by Founders Advantage on December 31, after the latter announced the signing of an acquisition agreement on October 5. As of January 1, the joint entity shall be known as “Dominion Lending Centres Inc.”, and will begin trading under a new stock symbol on the TSX Venture exchange.