Regency reveals record profits in 2003

Regency Mortgage Corporation has revealed record profits in 2003. The direct to consumer mortgage broker says that turnover has doubled on the previous year to £12m, with loan completions rising by over 80% from £96m to £174m.

To handle the increase, Regency&#39s staff numbers also doubled during the course of the year, to over 150.

Fin McGurran, chief executive of Regency, says: “2003 was a significant year for the company. The steps taken to shape Regency for future development started to be reflected in its financial results.

“The Right to Buy market, in terms of volume and quality, is an attractive niche that Regency understands well. However, it&#39s the company&#39s staff that deserve much of the credit for achieving these superb results.

“Trading in the first quarter, including Regency&#39s new remortgage operation, has continued to be strong. The company looks forward to setting more records in 2004.”

In Regency&#39s traditional areas of strength, the specialist Right to Buy market, business was brisk. Council property tenants bought their homes at the fastest rate since 1991. Meanwhile, Regency made a successful entry into the fast growing remortgage market through a unique approach with affinity partners.

Several senior appointments were made during the year. Alan Dean as sales director, Fiona Underwood as administration director and Nick Baldwin as finance and insurance director. Founding directors Laurence Tomei and Philip Erwin assumed non-executive positions.