Mortgage Choice in new growth phase
Listed financial services provider Mortgage Choice Limited has announced positive financial results for the six months ending 31 December 2017. "In the six months to 31 December 2017, Mortgage Choice recorded a solid interim cash profit result, with net profit after tax on a cash basis up seven per cent to A$12.5 million," said John Flavell, Mortgage Choice chief executive officer, who went on to roll out several more favourable metrics."Our loan book grew 3.2 per cent to $54 billion and the financial planning arm continued to enjoy growth."Flavell asserted that the growth in both funds under advice (which climbed 50 per cent from 1H17 to $634.2 million in 1H18) and premiums in force ($26.6 million, up 21.1 per cent from the previous comparable half-year) is a testament to the strength of the company's financial planning proposition.Over the six months to 31 December, however, the company settled $6 billion in home loans, down slightly from the $6.4 billion recorded in 1H17. At present, we have 142 retail shopfronts and that number is growing all the time," Flavell said.