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Born in 1992 from an entrepreneurial idea of ​​President Sergio Bommarito, it operates in the Credit Management sector

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Fire presents its Strategy Plan 2020-2023: Sustainable growth, a distinctive positioning, business partnership

2020-02-13 11:05

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Press-Media,

Fire presents its Strategy Plan 2020-2023: Sustainable growth, a distinctive positioning, business partnerships

Revenue doubling and heavy investment in digitization, data science and further managerialization expected

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Milan, 13 February 2020 - Fire, the top independent Group in Italy in the provision of credit support services, with over 27 years of experience and five specialized operating companies along the supply chain, has launched its strategic policy plan 2020-2023, with the aim of positioning itself as a lifetime credit manager in the retail and small business segment, both secured and unsecured. The plan forsees the doubling of revenues by the end of 2023, 17 million in investments, of which 35% in digitalization and data science, and the addition of over 30 professionals in key areas."We have set ambitious but achievable goals - said Alberto Vigorelli, Group CEO of Fire - "the goal is to ferry Fire toward a clear and distinctive positioning, in an evolving market that requires vision and specialization. We want to oversee the market as a lifetime credit manager and strengthen our role as business partner for banks, investors and the Public Administration, maintaining leadership in our historically strong sectors, objectives that are sustainable for a structured and specialized Group such as Fire. The process of progressive managerialization, which has been underway for some time, will intensify in the coming weeks and will contribute to enabling skills toward the defined goals".  
Strategy:The strategy for achieving the target positioning of ’best-in-class’ servicers for innovation and performance in the retail and small business segments starts from the evolution of the core offer in the sectors in which the Group is already a leader, along with growth in currently underdeveloped areas.In a sector in continuous consolidation and transformation, between regulatory developments and the push toward fintech, Fire intends to go beyond the current market approach of short-term servicing to evolve into a consultant to financial institutions in the management of the end customer, to establish partnerships and act as a servicer-investor.

To achieve the goal of ambitious but sustainable growth, the Group has identified precise strategic lines for each market segment, basing its development on three fundamental pillars:

 

■The strengthening of the current team, with the entry of new professional figures in key areas

■Digital evolution

■Long-term, strategic partnerships


These are the three guidelines for improving margins and developing new service models that leverage automated processes and lead to improved margins.


Development areas: The key initiatives of the business plan concern the evolution of Fire’s role: from servicer to lifetime industrial partner to support financial institutions in credit management, a game-changer in aligning interests with debt-buyers and as reference point for the Local Public Administration. With regard to credit management, the main areas of development concern Performing High Risk loans, a segment in which the Group has consolidated experience, advanced management of Unlikely to Pay and Non-Performing Loans guaranteed by underlying real estate.

In a sector where NPE stock is still high, and in light of the new regulations, Fire is proposing itself as a partner to credit institutions for prompt management from the first sign of difficulty, with a particular focus on the retail and small business segments, covering the entire credit lifecycle, from early warning to non-performers.Leveraging on the Group’s expertise and capability in efficiently combining and industrializing both out-of-court and legal management processes, and on strong investments in digitization and data science, Fire also aims to become a platform aggregator for banks, with the aim of creating centers of excellence for long-term credit management, from the first delinquency phases to the most advanced stages of deterioration. 

Another key point of the plan concerns the business of local tax management, in which the Group operates through the subsidiary Creset - Credits, Services and Technologies S.p.A. In this segment too, the 2020-2023 plan foresees the Group will double its revenue in 4 years, thanks to the conquest of new market shares in medium-sized districts and in the less-saturated territorial areas with high potential (Sardinia, Piedmont, Liguria, Tuscany, Sicily) and the expansion of the value proposition thanks to recent M&A operations.


2019 Data: Fire closes 2019 with assets under management (AUM) of over 20 billion euros, revenues of 49 million euros (+4% compared to 2018), over 5 million positions managed, a margin (Ebitda) of around 10% and over 2,000 personnel. Lastly, the company last year entered the State Guarantee loan transfer market (GACS) partecipating as special servicer along with Prelios in the operation "POP NPL’s 2019", a securitization with a gross collectible value of 826.7 million euros, through which 12 banks, 8 of which cooperatives, transferred their bad debts.

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