Prestbury Holdings has released a trading update ahead of its final results announcement, due during the week commencing February 2006, which reveals it completed 933m of mortgages for 2004/05.
The update from the mortgage and general insurance network also shows a 58% increase in turnover to 8.2m, from .5.3m in 2004, and 124 appointed representative firms exclusively contracted.
Lee Birkett, chief executive officer, says: “We are delighted to announce that we expect to meet market expectations, this following what has been the most challenging trading environment I have known since entering the financial services industry back in 1990. The first year of regulation has not run smoothly, but against a market trend and successfully completing a corporate restructure of Prestbury, the company has been able to increase its market share and Prestbury are well positioned for growth in 2006.
“Prestbury has been able to improve its results by concentrating on the performance of its ARs. Prestbury’s number of active ARs has remained constant since half year, this is a result of terminating our relationships with a number of low performing advisers and replacing these with performing advisers.
“It is my target that each AR firm should generate 100,000 of income per year and I can confirm our current number of AR firms are writing this current level of business. It is my focus now to increase the number of performing ARs and retaining our current performing firms. This plan if realised will prove to be earnings enhancing during the next 12 months”