Network Data to launch Homeowners Mortgages

Network Data Holdings has revealed that it plans to launch its wholly owned lending subsidiary Homeowners Mortgages in the latter half of 2007.

In its financial results for the year ended December 31 2006, the Group reports a 35% increase in turnover to 29.2m up from 21.5m in 2005.

Gross profit was up by 15% to 7.7m and profit before tax in Network Data was up by 178% to 1.9m.

Richard Griffiths, chief executive of Network Data Holdings, says: I am delighted to be able to report that our first set of financial results as an AIM listed company are ahead of market expectations.

The core business, Network Data has grown strongly with volumes of business increasing by over 30%.

Network Surveyors which commenced trading in March 2005, became profitable in the first half of 2006.

The Group continues to invest significantly in Hipstar ahead of June 1 when Home Information Packs become mandatory and we remain confident that it will be a leading provider of the packs.

We are well positioned to profit from the exciting opportunities which will present themselves in 2007 and we look forward to the future with confidence.

The results also reveal the directors of Network Data Holding are keen to grow the Group both organically and by acquisition.

They regularly review a number of acquisition opportunities and predict the size of the Group will result in it playing a major part in any consolidation of the mortgage network industry.