View more on these topics

Network Data vows to grow

Network Data Group has pledged to grow its business and play a central role in any future consolidation among mortgage networks.

This is despite revealing a £1.1m pre-tax loss in its 2007 full-year results last week, compared with a £271,000 profit in 2006.

In its results statement, the group says the loss was due to the underperformance of its Home Information Pack business Hipstar, which it attributes to the delayed introduction of HIPs last year.

But the group’s mortgage network Network Data Limited reported a gross profit of £8.2m.

Richard Griffiths, chief executive of Network Data Holdings, says: “The group faced a number of challenges last year, most notably the delayed and phased implementation of the HIP initiative and the well publicised and widespread difficulties in the mortgage and property markets.

“These factors aff-ected our profitability. but the core business, Network Data Limited, achieved good growth in its business volumes and increased its profit before tax by a healthy 26%.”

He adds: “We continue to operate as one of the largest mortgage broking networks in the UK and anticipate that our HIP business will gather momentum during the year.”

The group will be maintaining its dividend of 0.35p per share, payable on May 9 to shareholders on the register as of May 2.

This is despite it reporting a loss per share of 2.9p in 2007 compared with earnings per share of 0.5p in 2006.


Get answers straight from FSA’s mouth

Regular readers of this column will know that I am happy to stand up to the regulators when they get things wrong. Many small brokers are worried about openly criticising organisations such as the Financial Services Authority and Financial Ombudsman Service but I’m happy to voice their concerns.

Commercial First places 50% of staff into consultation

Following the announcement last month that specialist commercial lender Commercial First, has been forced to suspend new lending, the company has confirmed that it has entered into a consultation period with its staff. Stephen Johnson, sales and marketing director at Commercial First, says: “We continue to progress numerous opportunities in order to return to market […]

Iain Chadwick

The Budget 2015: a brief overview

Following George Osborne’s delivery of his sixth Budget as chancellor and the last of this current parliament, we have provided a brief overview of the initiatives put forward in his statement, focusing on the topics that have an impact upon the pensions landscape, savings, personal taxation and businesses.


News and expert analysis straight to your inbox

Sign up