Openwork profit fell by 13.6% in 2015

Mortgage Introducer

June 28, 2016

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Openwork posted an operating profit of £4.8m in 2015 – 13.6% lower than the £5.5m recorded in 2014.

This is the fourth consecutive year the company has made a profit after it grew its revenue by 30% last year.

Openwork said it is on course to surpass £10bn of mortgage lending this year.

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Mark Duckworth, chief executive of Openwork, said: “It is extremely gratifying to announce results that are broadly consistent with 2014’s strong performance, particularly given the significant challenges associated with the Mortgage Market Review.

“We have a fantastic base from which to develop the business further and we look forward to enhancing our proposition and infrastructure over the coming months and years while growing our revenue and profits.”

Openwork signed an agreement in February that will see Zurich divest its 25% shareholding in the network within four years.

By March 2020, Zurich will transfer its shares to Openwork’s other main shareholder, Openwork Partnership LLP, which represents over 600 adviser firms and 3,000 advisers.

In April, Openwork announced that Just Mortgages Direct had transitioned to the network, becoming its largest mortgage-focused appointed representative firm.

Since joining Openwork, Just Mortgages has submitted more than 1,000 cases and is on a run-rate to deliver in excess of £1bn in mortgage lending annually.