Interest-only misselling firm ups profit

Ryan Bembridge

January 28, 2019

ME Group, the company helping consumers claim against brokers for misselling interest-only mortgages, saw pre-tax earnings rise by 16% in the six months to September 2018 compared to the previous 15 months.

The group made £1.26m in the six months to September 2018, up from £1.1m in the 15 months to March 2018.

The business initially worked with a separate solicitor firm to help consumers claim against negligent brokers, though it is now handling that process internally.

Last week the group announced the acquisition of Quanta Capital Holdings, a litigation funding specialist.

Rob Cooper, ME Group chief executive officer, said: “These are excellent results for the group, underlining the significant progress we have made since we began trading in 2017.

“Our market-leading technology and strong governance platform means we are well positioned to accelerate our growth during 2019.”

“ME Group’s proprietary technology enables fast and efficient dispute resolution for complex legal cases.

Group turnover rose to £6.2m over the same six-month period, compared to £5.8m in the 15 months before.

Cooper said he will announce further moves in the next few months to “increase our presence along the dispute resolution value chain”.

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