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£3.1M loss is all down to restructuring, says HML

HML has blamed restructuring costs for its £3.1m pre-tax loss in 2011, compared with a £100,000 profit in 2010.

Last week, its parent Skipton Building Society reported pre-tax profits of £22.2m for 2011, down from £35m in 2010.

The results revealed that HML made an operating profit of £200,000 in 2011, but restructuring costs resulted in a net pre-tax loss of £3.1m.

A spokeswoman for Skipton says: “The loss is largely due to restructuring costs aimed at repositioning the business for future opportunities. HML’s business levels were also temporarily hit by the subdued housing market. So the restructure will produce fresh efficiencies.”

Skipton was rumoured to be looking to sell the subsidiary last year, but is believed to have taken it off the market at the start of this year.

Last October HML suffered two high profile departures when its chief executive Brian Brodie and chief commercial and finance officer Neil Warman left. But a spokeswoman for Skipton adds that HML has a bright future as an integral part of the Skipton Group.

Meanwhile, Skipton’s results revealed its gross mortgage advances were up more than threefold at £1.7bn in 2011, compared with £500m in 2010.

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