Griffiths sounds warning

Network Data’s third annual conference kicked off in Birmingham last week with Richard Griffiths, chief executive of Network Data Holdings, admitting that the company had faced big challenges in 2007.

He told delegates: “At last year’s conference I started my speech by saying that 2006 had been a successful year for us.

“But 2007 saw unprecedented challenges and since August the market has been badly hit by the liquidity crisis. What’s more, things are likely to get worse and it may be several more months before they get better.”

Griffiths adds that the government’s incompetent handling of the rollout of Home Information Packs was the main cause of its losses in the first half of last year.

As Mortgage Strategy reported in September, the group reported a £515,000 loss in its interim results for that period, of which it said a high proportion was caused by its HIP operation, Hipstar.