Homeloans seeks acquisition targets

by Ben Abbott28 Feb 2012

Non-bank lender Homeloans has again made clear it is looking to acquire as consolidation pressure mounts.

In releasing its half year financial result to the end of 2011, Homeloans chairman Tim Holmes said that consolidation in the market would provide further opportunities for growth.

“We expect to see further consolidation within the second tier and non-bank sector and, as such, Homeloans is actively looking for acquisition opportunities," Holmes said.

"We are well placed to act on this should an opportunity arise that is a good fit with our business and, indeed, our business model.”

Homeloans booked a statutory net profit after tax of $3.8m for the six month period, compared with the previous corresponding result of $4.4m. This was up on the $3.7m achieved in the first half of 2011.

The group said lending volumes had been 'resilient' in tough credit growth and housing conditions, increasing 2% when compared with the first half of 2011. However, this figure marks an 18% dive on  the same period last year, which Homeloans said reflected a 'significant' market downturn.

Homeloans said it would aim to consolidate its position over the second half of this financial year, by realising cost savings and further developing its product range and funding base.

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