Owen James named president of PRA Group Europe

NORFOLK, Va. - PRA Group, Inc. (NASDAQ:PRAA), a company that acquires and collects nonperforming loans with a market capitalization of $581 million, has promoted Owen James to president of PRA Group Europe, according to a press release statement issued Wednesday. The company, which InvestingPro data shows is currently trading at attractive valuations with a P/E ratio of 8.16, has maintained profitability over the last twelve months.

In his new role, James will lead operations across 15 markets in Europe, Canada and Australia, while overseeing portfolio investments throughout Europe. He will report to President and CEO Martin Sjolund, whom he succeeds in this position.

James has been with PRA Group for 13 years, joining through the company’s acquisition of Mackenzie Hall Holdings in 2012. Most recently, he served as global investments officer. Before joining PRA Group, James worked for more than 15 years in senior roles at Intrum, a European debt servicer and buyer.

"I am honored to serve as president of PRA Group Europe and to build upon the success of our European business," James said.

According to the company, PRA Group’s European operations have delivered strong results over the past seven years, becoming a significant driver of the company’s performance with more than $3 billion invested in portfolios across Europe.

Sjolund described James as having "deep investment experience, strong operational know-how" and being "a highly respected leader in the global nonperforming loan industry."

PRA Group describes itself as a global leader in acquiring and collecting nonperforming loans, returning capital to banks and other creditors in the Americas, Europe and Australia.

In other recent news, PRA Group Inc. reported its first-quarter 2025 earnings, which showed an EPS of $0.09, significantly missing the forecasted $0.44. Revenue for the quarter was $269.62 million, falling short of the projected $291.14 million. The company’s net income for the first quarter increased marginally by 5.3% year-over-year to $3.7 million, with total cash collections rising 10.7% year-over-year to $497.4 million. PRA Group’s first-quarter performance highlighted strong purchase volumes and notable strength in Europe, but U.S. collections fell short by 4%, leading to a significant earnings miss.

Analysts have responded to these developments; Fitch Ratings downgraded PRA Group’s Long-Term Issuer Default Rating to ’BB’ from ’BB+’, citing increased leverage and collection challenges. Meanwhile, Citizens JMP analyst David Scharf lowered the stock’s price target to $23 from $30, maintaining a Market Outperform rating. PRA Group’s purchase volume reached a record $1.4 billion in nonperforming loans in 2024, but the company’s elevated leverage remains a concern. S&P Global Ratings revised PRA Group’s outlook to negative, acknowledging the company’s market position but highlighting its elevated debt levels. Despite these challenges, PRA Group continues to focus on cost management and cash collections, with expectations to progressively deleverage from 2026.

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