Mortgageforce has reported a pre-tax loss of £321,272 for the year ending March 31, 2010, after registering a pre-tax profit of £12,125 the year before.
However, managing director Kevin Duffy says the company is looking for an improved performance in the year ahead.
He says: “The toughest period of the economic downturn is behind us and the underlying trend in the business over the past 12 months has been upward and growth is the feature. We look forward to evidencing that this time next year.”
Revenue fell by 19 per cent, from £3,020,856 in 2009 to £2,444,804 this year and gross profit fell 58 per cent, from £1,286,350 to £540,689.
The brokerage has total assets of £2,127,519 – a slight decrease from £2,244,112 the year before – and total liabilities of £2,848,561.
Mortgageforce says it has reduced the number of management and administrative staff from 27 to 15. The accounts say the business has taken the decision to downsize its operations given the downturn in the market.
In May, West Bromwich Building Society agreed to sell Mortgageforce to its existing management while retaining minority shareholding.
The accounts say the brokerage’s parent company and main creditor, West Bromwich Building Society, “will continue to support the company provided that it remains a member” of the West Bromwich group.