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Network data reports profits surge in H1 2006

Network Data has announced a threefold increase in profits during the first half of the year, following the floating of its parent company last week.

The firm, whose parent Network Data Holdings began trading on the Alternative Investment Market last week, saw pre-tax profit soar from £268,000 from the same period last year to £880,000. The group’s turnover increased by 48 per cent from £9.1m to £13.4m.

Its Home Information pack arm Hipstar reported pre-trading expenditure of £443,000 by June 30, 2006

Network data chief executive Richard Griffiths says: “Trading in the first half of 2006 has met our expectations and we are continuing to enjoy strong levels of business. We believe our continued investment in the emerging Home Information Pack market will produce long term returns.

“In the meantime, our established position in the mortgage, insurance and valuations market will underpin our potential to drive shareholder value.”

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