Countrywide profits hit £1m for another quarter
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Countrywide’s financial services division made a £1m profit in Q3 2011 for the second quarter in a row, its results show.
It represents a turnaround from a £332,000 loss for the same period last year. Profits for the first nine months of 2011 stood at £2m compared with losses of £896,000 in the same period in 2010.
Financial services revenue in Q3 grew by 17% - from £14.2m in 2010 to £16.6m - and year to date revenue grew 7% to £44.4m.
On the back of its Mortgage Intelligence acquisition in April the firm has seen its mortgage sales grow by 67% in Q3 2011 year-on-year.
The results state: “Within the core business we have foregone a small amount of market share in exchange for a fee-charging structure that has led to the financial services division producing strong growth EBIDTA year to date. Mortgage administration fees were introduced late in 2010 and have been successfully accepted by our customers.”
Total revenues for the group were up 5% or £20m to £143m in Q3 compared with last year and operating profits increased by 26% to £18.3m.
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