24 September 2019 – interim results

Interim results covering the six months ended 30 June 2019 have been released.  Revenue was £60.9m (2018: £57.9m), up 5% and 9% on an underlying basis.  Profit before tax and acquisition costs was £7.4m versus £7.0m a year earlier.  Adjusted earnings per share were 12.3p, up from 11.7p, and an interim dividend of 11.1p per share was declared (2018: 10.6p).  Gross mortgage lending (including product transfers) increased by 6% to £6.9bn (2018: £6.5bn) with the average number of advisers increasing by 13%.  The company’s overall share of UK new mortgage lending increased by 7% to 5.1% (2018: 4.7%).  We continue to believe that the company has a bright long term future and keep our BUY rating.