Profits rebound at The Nottingham as new CEO gets set to step in
Profits have rebounded strongly as building society The Nottingham as the company reported a “positive” set of results.
Underlying profit before tax came in at £7.4m for 2021 – up substantially from just £400,000 in 2020 – a period it described as “a year of extraordinary challenge”.
David Marlow, chief executive officer, said: “Entering 2021, we had a number of key areas on which to focus our energies: the ongoing Covid-19 pandemic; the significant economic uncertainty brought about by a combination of the pandemic and Brexit; our intent to reinvent the Society for the emerging new world; continue to act as a responsible society accepting our responsibilities to stakeholders, communities and the environment; and to continue to grow membership, whilst delivering a level of financial performance that would sustain us for the future.
“Whilst the challenges of the pandemic remain, I am delighted to report good progress on the development and delivery of our strategy, as well as a return to strong financial performance providing the platform for continued investment and growth.
“We enter 2022 financially strong and confident that the changes we are making to reinvent the Society are the right ones ensuring that we have a relevant and vibrant future.”
Marlow is set to step down from The Nottingham this month. He will be replaced by Sue Hayes.
