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Profits hit £257,000 at Mortgage Brain but turnover falls

Mortgage Brain made a £257,000 profit in the year to March 2010, its annual accounts reveal.

The mortgage sourcing and technology provider increased its profits by £45,000 compared with the same time last year.

It saw a 7% fall in turnover to £5.9m, but reduced administrative expenses by 8% to £5.5m.

The net asset position of the group is now £941,000, with cash balances of £2.8m.

Its accounts state: “The group continued to see some forward progress during the year, despite the effect of the difficult market conditions.”

They also say the group is well positioned to take advantage of opportunities as the market recovers.

Mortgage Strategy revealed in October that Mortgage Brain was said to be in the final stages of negotiations to acquire TrigoldCrystal.

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