The result significantly exceeds the company’s previous forecast and represents an increase of over 350% on the previous year.
The increased profitability has been achieved as a result of tight controls on expenditure, improved efficiencies through information technology and a stronger than expected performance from the company’s residential secured second loan business, c2 secured.
This news follows recent changes to the corporate structure at c2-financial which saw former Managing Director David Wylie move to the position of Group Chairman to be replaced by the former Sales & Operations Director Justin Caffrey.
Commenting on the news David Wylie said: “We are absolutely delighted with the strong financial performance of the group, particularly in light of the fact that the growth has continued under regulation of the mortgage market. The strategy we have adopted of increasing the financial reward to mortgage intermediaries and their customers using the c2 brand, along with an enviable service standard, are clearly winning us market share thus contributing to our healthy bottom line.”
Justin Caffrey added: “We are almost at the end of Q3 of our financial year and I confidently predict that we will see our profits double, based on our performance year to date. We are committed to remaining transparent to intermediaries and the market place about our financial stability and would repeat our call to others in the sector to do the same. Openness by mortgage packagers about their financial position is crucial to maintain the future confidence of mortgage intermediaries.”
