County Mortgages Makes £1m Profit
Latest results posted.
(PRWEB) July 7, 2006
County Mortgage Group, the mortgage and loan group, has announced a huge leap in pre-tax profit for the year ending September 2005 of just over 350%.
The business, which operates under the brands mortgageandloans. co. uk, c2-financial and c2-secured from its head office in Fareham, Hampshire, posted profits of £1.1 million during the 12-month period. The result is a spectacular improvement on the pre-tax profit of just over £300,000 that it reported for 2004.
County specialises in finding mortgages and loans for customers who have experienced difficulty obtaining finance and, in particular, arranges self-certification mortgages and finance for customers with poor credit records.
David Wylie, Managing Director, said: “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.”
The 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.
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 strategies we have adopted, along with our 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 during 2006, based on our performance year-to-date.”
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