Profits up 57% at buy-to-let specialist
Buy-to-let mortgage specialist Charter Court Financial Services increased pre-tax profits by 57% as it continued to meet or exceed its targets.
The Wolverhampton-based business, which operates the Exact and Precise Mortgage brands, floated last September and has enjoyed a good first year as a public company. Its share price has since risen by one-third, pushing its market value to nearly £800m.
Its financial performance for the six months to June saw its pre-tax profits rise by £33.8m to £93.1m and it has announced its first dividend, of 2.8p per share.Ian Lonergan, CEO of Charter Court, said: “We continued to make progress in the first half of 2018, delivering against or exceeding all of our targets.
“Steady growth in our balance sheet was maintained, with originations driven primarily by the strong uptake of our specialist buy to let products designed for the growing sophistication of our chosen market segments.
“This positive result was achieved whilst controlling risk efficiently and effectively, maintaining the high quality of our mortgage book.
“We remain well capitalised for future growth and remain on track to deliver against our medium term targets.”