(Adds further details)
LONDON (Thomson Financial) - Financial intermediary company Network Data
Holdings Plc. warned that results for the full year to December 31 are likely to
be below market expectations, saying the first half results will reflect
declining market levels.
The company said its principal units Network Data Ltd., Network Surveyors
Ltd. and Hipstar Ltd. have found the first half ended June 30 to be a
challenging environment as they are reliant on the volume of transactions in the
mortgage and property markets.
"The declining transaction levels have been well-chronicled in the national
business press and the results for the six-month period will reflect these
market conditions," the company said in a trading update.
"The Council of Mortgage Lenders website at www.cml.org.uk now shows figures
for the volume of mortgage business introduced by brokers (intermediaries), who
clearly remains the dominant channel for mortgages in the UK," chairman
Grenville Folwell said.
However, they are now operating in a market where the downturn in mortgage
business relating to house purchase has been more severe than expected, although
the remortgage market has proved to be more robust, Folwell added.
Network Data said it expects 2008 to signal the bottom of its markets in
terms of transaction levels, adding there are as yet no signs of recovery.
The company will announce its results for the six month period on Sept. 26.
TFN.newsdesk@thomson.com
bsu/lam/bsu/lam
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|