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Network Data profits down a third

Network Data has revealed profits were down by more than a third in the first half of 2008.

The group, which includes one of the UK’s largest mortgage networks, revealed turnover was down 34 per cent to £10.6m in the first half of 2008, compared to £16.1m the same time last year.

The group loss of £132,000 since Januray, which is attributed to its now defunct Hip subsidiary, Hipstar, which lost Network Data £1.5m in 2008.

It’s surveying arm, Network Surveyors made a loss of £134,000 in 2008, which was an improvement on 2007’s losses of £172,000.

Network Data says it has made savings this year by reducing staff – administrative in the firm has been slashed to just 75 staff in September 2008, compared to 203 last year.

Network Data chief executive Richard Griffiths says: “Revenues in the first half of 2008 have been below original expectations. This has resulted from the faster than expected decline in transactions in the mortgage and property markets.

“The group continues to aggressively pursue cost reductions with a view to improving trading performance in the face of a challenging market.”

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