Growth during 2003 exceeded expectations, with 2,500 new brokers distribution contributing to the new business figures, completions rose 98 per cent to £2 billion. Kensington’s direct to consumer subsidiary The Mortgage Lender (TML) contributed £545m.
Packager introductions have also risen by 50 per cent, with a 100 per cent increase in National Accounts business, introduced by other mainstream lenders such as Lloyds TSB, Zurich and Norwich Union. Shareholder earnings before goodwill amortisation have risen 21 per cent to 48.5p, from 40p in 2002.
Annualised losses remained below 0.1 per cent for the year.
