Tough times ahead, warns Scarborough chief

OUTGOING Scarborough Building Society chief executive John Carrier has warned “that a tough year lies ahead” for the financial services sector.

Speaking following Scarborough’s Annual General Meeting (AGM), Mr Carrier gave the warning despite Scarborough achieving pre-tax profit growth of 16%, to £7.8m, and asset growth of 24%, to a record £2.85bn for the last financial year.

Mr Carrier said: “The whole financial services sector currently faces some very significant challenges around a deteriorating economic outlook, falling house prices, rising inflation and the higher cost of retail and wholesale funding. There is no doubt that a tough year lies ahead.”

Mr Carrier, who is retiring from the independent mutual building society at the end of the year to be replaced by finance director Robin Litten, praised the turnout of voters at the AGM.

Almost 27,000 votes were cast at the society’s 162nd AGM – a 19.4% turnout – and 20p of every vote cast will be donated to two of Scarborough’s charitable partners – Home-start UK and the Yorkshire Wildlife Trust (YWT).

Each will each receive £2,500 towards community enhancing initiatives.