The Kensington Group has reported a strong set of results for 2003, revealing before tax profit to be up 23 per cent with new business completions up 98 per cent.
For the year ended November 30, 2003, profit before tax and goodwill amortisation rose to £37.1 million from £30.2 million in 2002, a rise of 23 per cent, with new business completions hitting £2 billion, up 98 per cent from £1.01 billion. Kensington's direct distributor TML contributed £545 million of this.
Its distribution has also increased through 2,500 new brokers, a 50 per cent increase in mortgage packager introductions and a 100 per cent increase in national accounts business, introduced by other mainstream lenders.
Kensington Group chief executive John Maltby says: “2003 saw another excellent performance from Kensington. New business completion doubled, credit quality remained strong and we continued to maintain tight control over costs. Recent trading has seen new business volumes remaining high with a valuable contribution from our direct distributor TML, resulting in accelerating growth in the mortgage book and greater momentum for future earnings. We are therefore confident in our ability to sustain strong and disciplined earnings growth in our specialist developing market.”