Mortgage Intelligence has reported a pre-tax loss of £388,592 in 2010 following a £695,917 pre-tax loss the year before.
Earlier this month, Countrywide acquired the network for an undisclosed amount. The MI brand will be retained and operate independently of the property services group and Sally Laker (pictured) will continue as managing director.
The accounts, for the year ending July 31, 2010, show turnover fell by 23 per cent from £2.2m in 2009 to £1.7m in 2010. The firm’s new assets increased during the year from £420,513 to £447,163.
The firm believes the mortgage market will hover around £140bn in 2010, with a 10 per cent uplift in volumes in 2011.