Aldermore shrugs off Brexit fears with H1 profit increase

Aldermore Group PLC yesterday announced it’s Half Year results for 2016, reporting strong returns and continued growth, profit before tax increased by 50% to £59m.

Phillip Monks, CEO, commented:

“It has been another strong six months of operational and financial performance as we delivered double digit growth and an underlying return on equity in the high teens. New lending increased by more than a quarter compared with the first half of last year as we continue to expand our customer base. I’m very pleased with the strong and balanced growth we have achieved across our diversified portfolio whilst maintaining our prudent underwriting approach.

“We have also driven another significant increase in profits as we have successfully maintained our net interest margin and leveraged the scaleability of our operations, further reducing our cost to income ratio. These actions, combined with our continued focus on prudent lending, have led to a 45% increase in the Group’s underlying profit before tax to £63 million for the first six months.

“Following the EU Referendum, we all face a period of heightened political and economic uncertainty. As a purely UK-focused business, we are not directly exposed to potential changes in access to European markets. However, we are exposed to the wider economic effects of the result. To date, we have seen no direct impact on our business but we continue to monitor the situation closely and have a proven ability to react quickly to a changing environment.

“We remain optimistic about our future. We are a diversified business and continue to focus on supporting our customers who are under- or poorly served by the wider banking market. Building on our strong track record of delivery across our prudently constructed portfolio and with our experienced management team, modern systems and efficient operating platform, we remain confident that we will successfully navigate the challenges ahead as well as take advantage of the opportunities that change may bring.”

To read Aldermore Group PLC half year 2016 report in full click here


Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News


Daily bite-sized proptech and property news in partnership with Proptech-X.   PRESS RELEASE: Backing by real estate market leaders ING Ventures, JLL Spark, Blackstone and Concrete VC will help accelerate PRODA’s efforts to scale its transformative rent roll data platform PRODA, the London-based data processing and analysis platform, has announced the completion of its Series A…
Read More
does a garage add value to your property
Home and Living

Does a Garage add Value to your Property?

The most important part of this subject, well leastways for me, is if you have the space / land available so to have the choice of either a garage or not. Surely this plot of land holds the value and it is over to the home owner if they would like a garage or not?…
Read More
Letting Agent Talk

How to Be an Awesome Landlord in 2022

Some people may view being a landlord as an easy way to make money, but there’s much more to it if you want to truly excel in this role. The best landlords always go above and beyond to provide comfortable homes for their tenants and make them feel as welcomed as possible. Indeed, to be…
Read More
Property for sale
Estate Agent Talk

Selling Your House? Here’s What You Need To Do

Selling your house is a big decision. It’s not something you do every day or even every year. So, when the time comes to sell, you want to make sure you’re doing it right. That means getting the best possible price for your home and making the process as smooth and stress-free as possible. So,…
Read More
Estate Agent Talk

What Are The Factors To Appreciates The Real Estate Property Prices

Are you planning to sell your home? Are you buying a home? Whatever the scenario is, there are some things that you need to look after. In case you are selling your house, you have to set the price on the basis of those factors, or you need to ensure that all these things are…
Read More
Breaking News


A roundup of the week’s top property and proptech news stories in partnership with Proptech-X   Table of ContentsHide On The Market: Housing market starts to rebalance as remarkable buyer and seller confidence prevails Renting to Students: TDS Poll Confirms Common Issues and Reasons for Disputes in Student Lets LexisNexis and Coadjute partner speeding property market…
Read More