Baycorp pips RMG for Telstra

Friday 19th July 2002

Receivables management group RMG has lost part of its business collecting debts for Australia's Telstra to Baycorp Advantage.

Baycorp announced this week it had been appointed one of two "primary panel" members on a three-year commission-based contract.

RMG said it has signed a new three-year contract with Telstra.

"While the contract has been renewed RMG is not on the primary panel," the company said.

"The terms of the arrangement, which are subject to a confidentiality agreement, will result in a reduction of the level of work in the medium term."

Baycorp said its contract reflected its experience in handling high volumes of debt. Its share price climbed on the news.

RMG said the reduction in Telstra business would not be material to its business in the 2003 year.

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