MOC Shares Jump On Outlook

LIVENEWS.com.au:

Mortgage Choice Limited (MOC) reported net profit after tax for the year to 30 June 2008 of $19.3 million, down 1.2% on 2007. The mortgage broker said it was well placed to achieve another successful year in FY2009.

The market responded favourably to result, which was above consensus estimates from six investment houses at $17.6 million.
Managing director Paul Lahiff said the result was a solid outcome when considered against a backdrop of the US sub-prime situation and rising interest rates.

Looking forward, the company said it would continue to focus on increased lead generation, enhanced lead conversion, and selectively growing the franchisee base.

“With the RBA indicating scope to move towards a less restrictive stance on monetary policy, and when considered against the backdrop of a volatile equities market, it does point to a more positive outlook for housing, both owner occupied and investment, going forward,” Mr Lahiff said.

He said that during FY08 non-banks saw their competitive advantage weaken. Some lenders withdrew from the broker channel while others discontinued their mortgage divisions.