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Network Data

  • BY: Andrew Hore |
  • POSTED: 22/07/2008 |
  • COMMENTS: Add yours

Network Data says its interim results will be below market expectations.

The shares slumped 4p to 10p. The tightly held company is valued at £2.83m.

The company is dependent on the UK housing market. The lack of transactions has hit its mortgage broker network, surveying business and home information packs supplier HIPSTAR. Staff numbers have been halved since last September. This has only partially offset the dip in revenues.

Management does say that the remortgage market is “more robust” than general mortgage business. There are no signs of a recovery in the overall market.

The figures for the six months to June 2008 will be reported on 26 September. Network Data was expected to make a full year profit of £1.69m but isn’t likely to do that now.

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