View more on these topics intermediary business down 41% has revealed its intermediary business plummeted 41 per cent in 2008.

Earlier this week the website revealed it was beginning to run down its Mortgage 2000 Encore sourcing system, and today it revealed intermediary profits fell 41 per cent from £10.6m in 2007 to £6.3m in 2008.

Total revenues of £178.8m were up 10 per cent from £162.9m in 2007, but overall group made a £51m loss before tax for 2008.

Revenues in Insurance grew by 38 per cent to £77.7m, this represented 45 per cent of all its Internet revenues, but revenues in money products fell 10 per cent to £68.3 million.

Visitors to the group’s websites increased by 32 per cent to 120 million, and transactions on the websites increased by 23 per cent to 71.4 million.

There were also changes to the’s executive; founder Simon Nixon moves to executive deputy chairman and Peter Plumb has been appointed as chief executive with effect from today.

Chief executive Peter Plumb says: “Because of the recession, we are currently trading at levels well below last year. My first task is to reconfigure the business for this lower level of revenue. We will review the cost base, we will extract more value from lower online and offline marketing spend, we will re-engineer our systems and get closer to our providers and customers.

“We have a strong market position, the internet continues to grow and we are the pre-eminent brand. The immediate task is to get leaner and more efficient, continue to generate cash and ensure the business is well positioned for when the recovery eventually comes.”


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