Coreco turnover up 28pc

Sam Cordon

October 24, 2013

Pre-tax profits were also up and grew 52% from £321,000 to £488,000 over the same period.

Following a tougher end to 2012 than many expected after the London Olympics, the growth in the last six months was substantial in a growing London market buoyed by government schemes such as Funding for Lending.

Coreco reports that the run rate experienced in the first six months of the calendar year is continuing to improve and are set to break their target of £500,000,000 of mortgage loans written before the year is out.

Francois Taljaard, finance director at Coreco, said: “We are naturally delighted with these figures and they clearly demonstrate how we have been able to focus on organic growth, using cash generated to grow without taking unnecessary risks whilst maintaining a watchful eye on costs.

“As a business we are well capitalised and run a tight ship, with everything carefully managed whilst focussing on the bottom line which is profitability”.

Starting in April 2009 at the depths of the market with just a handful of brokers, growing in tough conditions in just 4 years from scratch to post almost £2m turnover is a great achievement and a testament to the management team.

Matt Lowndes, managing director at Coreco, said: “Things are looking very positive for the London market at present and we have recently doubled lead flow into the business with the signing up of several large accounts, taking on an additional 50 branches of prime London Estate Agents.”

“Together with our corporate introducers and growing PR coverage we have had to recruit more professional advisers to cope with the lead levels. What is pleasing is that the calibre of our new recruits has been so high and they have all been pleased to have had so many leads to work on in their first month.

“We now have 42 staff and are looking at taking more space in our building.”

Coreco report that currently they expect turnover to increase again next year by at least 30% to £2.6m.

Andrew Montlake, Coreco’s communications director, added: “We set out from the start to be an open and honest company which is why we are happy to share our figures and honest plans with those that work with us and posting these accounts publically is another statement of transparency.

“Our door is always open and we aim to show that there is a different way for a mortgage brokerage in London to be run, one that is open and inclusive, treating all our staff as adults.

“It is an exciting time for Coreco and indeed all mortgage brokers, with enough business for everyone. We are determined to prove that Coreco is not just the most exciting, or technologically adept, but the premier mortgage brokerage brand in London.”

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