Big jump in profits at buy-to-let specialist
Buy-to-let mortgage specialist Charter Court has delivered strong results in its first year as a listed company.
The Wolverhampton-based business floated last September and has now revealed pre-tax profits of £111.7m for 2017 – up 128% on a year earlier.
Its loan book also grew strongly, up 41% to £5.4bn, which it said was driven by strong increase in buy-to-let and specialist residential mortgage origination volumes.
Ian Lonergan, chief executive of Charter Court, said: “Our annual results for 2017, our first as a listed company, demonstrate that we are continuing to grow strongly in our specialist markets at the same time as maintaining our asset quality and meeting or exceeding all other medium term key performance indicator targets set out at IPO.”
Charter Court floated at 230p per share, and last night closed at 309p, valuing the group at nearly £750m.
It is headquartered at Wolverhampton Business Park, where it employs around 350 people. It was established in 2008 and owns the Exact and Precise Mortgage brands.
