The jump in profitability has been achieved on the back of a £2 million increase in turnover and by controls on expenditure. Technology continues to play an important role in efficiency improvements and the company expects this trend to continue in future with the planned launch of additional point-of-sale-offer technology.
Group chairman David Wylie said: “This is a hugely exciting time for the company as demonstrated by our financial performance. Our diversification into secured lending has performed very well indeed and has underpinned a continued strong performance in the first charge market. My thanks go to our managing director Justin Caffrey and his management team who have been instrumental in this success and have worked hard with everyone within the group to produce these results.”
Managing director Justin Caffrey said: “I am pleased with these results and our strategy is clearly a successful one. There will be several new areas of diversification during 2007/2008, the first of which will be the launch of a new non-conforming commercial mortgage brand in the first quarter of the year. In addition, we will continue to acquire market share from our competitors by providing excellent service and generous financial rewards to intermediaries and their customers. An acquisition remains firmly in our thoughts.”
