Mortgageforce annual profits plunge to £7,784
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Mortgageforce has reported a £7,784 profit for the year ending March 31 2009 compared with a £200,560 profit in the previous year.
Company accounts reveal that overall profitability fell by 96% during the year, reflecting a 39% fall in revenue and a 36% decline in gross profit.
The brokerage saw an operating loss of £8,274, down from a £242,350 profit the previous year, while gross profit was down to £1.28m from £2m
Mortgageforce now employs 27 staff, down from 39 the previous year, with the salary of the highest paid director £47,326 compared with £103,226 a year earlier.
The brokerage’s debt to parent West Bromwich Building Society also rose slightly during 2009 to £2.3m compared with £2.2m in the previous year.
A statement in the firm’s accounts says: “The company continued to successfully build its brand profile during the year.
“However, given the significant downturn in the market in which the franchises operate the business has decided to downsize the scale of its operations and refocus certain business activities to ensure it remains on a sound financial footing. This has resulted in a fall in the number of franchises and a reduction in staff numbers.”
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