Mansfield Building Society reports £1.9m annual pre-tax profit

Jessica Bird

May 1, 2020

profit track

Mansfield Building Society has posted an annual pre-tax profit of £1.9m, as well as 4% mortgage growth in its 2019 Report and Accounts.

The building society’s strong financial performance in 2019 extends its period of unprecedented growth, in spite of the disruption caused by Brexit.

In addition to mortgage growth, the society saw its retail savings balances grow by £30m.

2019 also saw Mansfield Building Society invest in a new brand, website and savings portal, and the acquisition of a new premises in Sutton.

At its annual general meeting, the society also announced that chief executive Gev Lynott would be retiring, with deputy chief executive and finance director Paul Wheeler taking over the role.

Lynott, said: “If we look back at 2019, it was an incredibly tough year with uncertainty around Brexit having a negative impact on the housing sector, igniting fierce competition amongst mortgage lenders.

“However, we remained resolute, continuing to extend our proposition into underserved segments of the mortgage market where our personal and pragmatic approach continues to flourish.

“I’m pleased with the way the society has evolved during my tenure and it is with great pride that I hand over the reins of this terrific organisation to Paul, who I know will successfully lead Mansfield Building Society through the next chapter of its remarkable history.”

Wheeler added: “I’m honoured to take the helm in the Society’s 150th year.

“Even though these are unprecedented times, our ongoing success enables us to look to the future with confidence.

“When the crisis passes and it is safe to do so, we fully intend to resume where we left off, building a strong, independent, forward-looking society that our members can be immensely proud of.”

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