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Mortgage Choice profits dip

Staff Reporter 3 minute read

Mortgage Choice has reported a fall in profits for the year to 30 June 2009, however the company said it remains upbeat about the future and acquisitions are still firmly on the agenda.

Speaking at Mortgage Choice’s annual financial results conference in Sydney this morning, CEO Michael Russell said the company had posted a 23.9 per cent fall in after tax net profit.

Despite the drop in profits, Mr Russell said the company and its franchise network have remained remarkably resilient and are confident that housing finance demand will increase over the next year, underpinned by positive market fundamentals.

Mr Russell said the company is aiming to increase its market share through further diversification, acquisitions and a ramp up in recruitment.

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“Over the past year the number of franchisees has dropped from 420 to 353,” Mr Russell said.

“We have been quiet on the recruitment front however, this is all set to change. We will be looking at recruiting existing mortgage brokers – something we have not done in the past.”

Mr Russell believes that Mortgage Choice's strong lead generation capabilities, iconic brand, and the opportunity for franchisee business growth will help attract established brokers to the group.

As well as organic growth Mr Russell said the company was also looking at potential acquisition targets.

“We are looking at aggregators and any company that will improve our market share. I am determined to have made one or more acquisitions by the end of the next financial year,” he said.

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