Pink back in the black after £1.8m 2010 loss
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Advance Mortgage Funding, which trades as Pink Home Loans, claims it is now operating profitably after making a £1.8m pre-tax loss in 2010.
The network’s 2010 accounts were filed last week and show the firm managed to almost halve its loss in 2010 to £1.8m from £3.2m in 2009.
Its 2010 loss however includes an impairment of £2.3m for BDS, which it acquired in early 2008.
Pink was bought by LSL Property Services in December 2010 from Skipton Building Society for £1.59m.
In 2010 178 advisers left the network, but a further 89 were successfully recruited, giving a net decrease of 89.
The overall value of lending through Pink remained static compared with the previous year at £2.2bn.
David Copland, chief executive of Pink, says: “Last year was a difficult year for the business due to the market conditions, however we managed to keep our cost base down while increasing our income.
“Since our sale to LSL we now have a clear strategy and a focussed future. The beginning of the year was still tough, but there has been a marked improvement in the business’ fortunes over the last six months and it is now trading profitably.
“I am confident that the business has found the right parent and that we now have a solid platform from which we can flourish.”
Jon Round, chairman of Pink and financial services director for LSL says: “LSL was confident in its purchase of Pink that it had a strong business with the ability to grow and make a healthy profit. It is rewarding to see the turnaround that the business has already achieved this year.”
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Readers' comments (4)
Ancient Wisdom is....a mortgage broker in N3 | 12 Oct 2011 2:05 pm
'The network’s 2010 accounts were filed last week and show the firm managed to almost halve its loss in 2010 to £1.8m from £3.2m in 2009'
MS - Pink is still in the Red - not back in the Black!
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Rob Jupp | 12 Oct 2011 2:38 pm
Note to Ancient Wisdom; they are talking about now (read Jon Round's last sentance)
Well done David Copeland and Pink. A quality business doing well is a great story.
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Anonymous | 13 Oct 2011 8:57 am
Perhaps if Ancient Wisdom had read this carefully, if you factor in the £2.3m impairment charge from 2008, then you get £0.5m profit.
After the Pos Sol announcement the other day of a £1.6m loss, Pink should be congratulated for doing so well in these current market conditions.
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Anonymous | 13 Oct 2011 10:05 pm
What a load of spin! Bit net loss of advisers, continued losses - simples!
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