Home of Choice posts £6.8m gross profit
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Home of Choice has reported a 14% increase in gross profit to £6.8m for the year to the end of March 2009, with earnings before interest tax and deprectiation of £800,000.
Last year the company reported a gross profit of just under £6m for 2008, but a loss for the financial year before tax of £1.3m.
The network has just filed its accounts at Companies House which show that overheads at Home of Choice have been cut by 6% to £6.3m.
Conversion rates for life and general insurance business as at March 31 were running at 50% and 90% respectively.
Home of Choice admits that it has seen drop in the number of mortgage completions, but says this had levelled off by March and was showing signs of improvement in Q3 this year.
Total seller numbers at the network have also fallen, which the network attributes to contraction in the network sector and a focus on quality and production.
Gerry O’Brien, chief executive of Home of Choice, says: “This is a terrific result.
“Our audited accounts show Home of Choice achieved a gross record profit, at a time when so many of our competitors are struggling under the weight of massive debt provisioning, sacrificing commitments made to brokers, and set against the backdrop of so many high profile collapses.”
He adds: “Home of Choice is committed to building value for existing and future members.
“We will continue to seek opportunities for growth and will continue to develop our product proposition ensuring Home of Choice advisers have the right choice of products and providers and the skills to write profitable business.”
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Readers' comments (6)
Anonymous | 25 Nov 2009 12:57 pm
This just goes to show how incompetent / corrupt the management of Network Data were.
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Chris Thalha | 25 Nov 2009 1:23 pm
Well done Home of Choice!
Nice to know we are a part of a thriving network who know what they are doing. Just proves what good management and planning can do.
Well done.
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Kathy Owen | 25 Nov 2009 3:16 pm
super result. Nice to see that I am a member of a well positioned network. This is what I expected anyway as the support that the brokers get is second to none. I wouldnt have written the business I have this year if I was with any other network.
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Kieran Byrne | 25 Nov 2009 3:39 pm
I joined HOC 18 months ago after 23 years with another network. Breath of fresh air and great to work with REAL people who know how to treat Advisors AND customers
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Oliver Whitehead | 26 Nov 2009 12:43 pm
This is why I am confident I am at the number one network. Home of Choice is run by people that know what a mortgage broker wants and needs. We have been at many Roadshows organised by Home of Choice offering us advice and motivation to help us write more business.
Having worked at Prestbury I also know what it's like being on a sinking ship.
Congratulations and well done Home of Choice!
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Rodney McKirgan - Mortgage Angels NI | 30 Nov 2009 11:44 am
Home of Choice continue to add value to my business with their continued support on the ground in Northern Ireland; and their personal touch overall is unrivalled in the industry!!
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