Mortgage Times posts over £1.3m loss

16 November 2009

The Mortgage Times Group has recorded an operating loss of £1,335,705 for the year ending December 31 2008.

The network’s accounts show its loss for last year rose steeply compared with the £81,888 loss incurred in 2007.

As at the end of last year Mortgage Times had net current liabilities of some £1.5m.

The auditors’ report states that these figures “indicate the existence of a material uncertainty which may cast significant doubt over the group’s ability to continue as a going concern”.

As of December 31 2008 Mortgage Times owed creditors £4,734,779. Of this, £3,643,229 was owed to what it calls trade creditors.

In the accounts, Mortgage Times’ management predicts the company will show a profit in the second half of this year and that it will have enough resources to continue in operational existence for the foreseeable future.