Mortgage Choice chief executive Michael Russell said the company’s latest financial results “far exceeded expectations” it had set for the year, reporting an 18.6 per cent increase on-year cash profit after tax.
“We continue to grow and evolve our diversified business and are now well on our way to becoming a very successful diversified financial services player,” said Mr Russell.
“We are well on track to reach our goal of 60 advisers on the ground by 30 June 2015, with 33 already in place,” he said.
“Over the last year, we have managed to significantly grow our underlying statutory revenue and profit, achieve a record number of loan settlements, and realise our highest cash result to date,” said Mr Russell.
“Shareholders will once again be very pleased with the dividend result, which is significantly higher to that received in the 2013 financial year – a fully franked dividend of 15.5 cents per share for the year.”
Mortgage Choice said its loan book reached $47.4 billion, up 4.6 per cent from $45.3 billion in the 2013 financial year.
“In addition, home loan approvals grew by an incredible 17.3 per cent to $12.2 billion, while settlements rose by 18.1 per cent to $10.4 billion,” a statement from Mortgage Choice said.
On an international financial reporting standards basis, Mortgage Choice’s total group revenue was $178.5 million, up by 14.8 per cent from the 2013 financial year figure.
The company’s earnings per share now sit at 16 cents, up from 15.2 cents in the 2013 financial year.
