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Openwork mortgage lending increases to £16.4bn

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  • 17/09/2019
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Openwork, the financial and mortgage adviser network, increased the volume of its mortgage lending by 21 per cent to £16.4bn in the year to 31 December 2018.

It has also expanded its number of advisers as they increased by 262 to 3,865 during the year. 

The company achieved its seventh year of profit growth as pre-tax profits rose 18.3 per cent, hitting a record £22.6m enabling the business to pay its first ever dividend of £2m to shareholders. 

Openwork said that its assets increased 11 per cent in the year to £6.9bn and had continued to grow since, as of July 2019 that figure had reached £8bn. 

Mark Duckworth (pictured), chief executive, said: “2018 was a significant year in the development of Openwork as we became an independent business in April. It is therefore very pleasing to be able to report strong results whilst also investing in the future.”  

The company has increased its investment in adviser recruitment with the Openwork Academy inducting a record 54 trainees to the scheme in 2019 so far, almost equalling the total intake for last year.  

Since its foundation in 2014, the academy has trained and qualified more than 150 advisers. 

Duckworth added: “Our strengthened financial position has meant we have been able to reward our long-standing and supportive shareholders with the first ever dividend.  

“I would like to thank the growing team at Openwork, our advisers, colleagues and senior management, for the hard work and dedication which has made 2018 a success and look forward to the continued development of our business.” 

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