The group of associated companies comprising Age Partnership and Pure Retirement has posted improved profits in its annual results, despite the difficulties caused by the pandemic.
For the year ended 31 December 2020, the combined companies posted earnings before interest, taxes, depreciation, and amortization (EBITDA) of £9.87m, an increase from £9.1m in the previous year.
Although Age Partnership was significantly impacted by COVID-19, with income decreasing to £36.9m from £42.6m the year before, Pure Retirement increased its turnover to £24.6m from £19.4m.
This resulted in the former making an EBITDA loss of £853,000, with the latter generating a profit of £10.7m.
Andrew Thirkill (pictured), chairman and founder of both companies, said: “Age Partnership started 2020 strongly.
“However, from late March onwards, the pandemic led to structural reduced demand throughout the core equity release service, and substantial delays in completing the existing pipeline of business, due to the UK housing market lockdown.
“During the course of the year Steve Auckland was appointed as CEO and by carefully managing costs we were able to limit initial significant losses and ultimately create additional investment for marketing this year to further reinforce our position as the UK’s Number One provider of lifetime mortgages.”
He added: “We are delighted with the way the company performed during 2020.
“This was due in part to us investing substantially in technology and systems, as well as the servicing and technical teams, to continue to support third party relationships and establish ourselves as the obvious choice for those looking to outsource their equity release origination and servicing.
“We concluded the year with an impressive £2.7bn of loans under administration, a number that has grown throughout 2021 to over £3bn.
“As the economy has started to re-open the company has seen an increased demand for its services and our 2021 results will be materially ahead of 2020.”