EANS-News: Hypoport AG starts the new year with stable revenue
Berlin, 14 May 2010 (euro adhoc) -
Group revenue for Hypoport AG remained stable in the first quarter of the year. However, a combination of negative factors resulted in a net loss for the period. Recent developments point towards a further stabilisation of the market and also to positive results from previous investments.
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quarterly report
Subtitle: Group revenue for Hypoport AG remained stable in the first quarter of the year. However, a combination of negative factors resulted in a net loss for the period. Recent developments point towards a further stabilisation of the market and also to positive results from previous investments.
In the first quarter of 2010, Hypoport was able to maintain a steady level of revenue at EUR12.08 million (Q1 2009: EUR12.66 million). The general economic situation and the increased risk awareness and attention to credit ratings throughout the industry meant that markets remained very cautious once again during the quarter. The Berlin-based financial services group is continuing to invest in ground-breaking platform technology. It also continued to implement its strategy of building up a comprehensive nationwide distribution network, successfully increasing both the number of branches and the number of advisers acting as sales agents or working in branch-based sales at the start of the year. As a result of this investment, with revenue remaining constant, EBITDA fell by 101 per cent to minus EUR28 thousand in the first quarter of 2010 (Q1 2009: EUR2.08 million). "At the beginning of the year, a variety of factors came together to create a market environment that no-one had wished for," commented Ronald Slabke, Co-CEO of Hypoport AG. As far as the Hypoport Group is concerned, Slabke emphasised, "it is our conviction that by making these investments we have laid the foundations for the future success of our company. We are sticking to our strategy for growth, but constantly adapting our activities to changing market conditions. Following a very poor start to the year, recent weeks have provided indications of a recovery in the market."
end of announcement euro adhoc
Further inquiry note:
Michaela Reimann
Group Communications Manager
Telefon: +49 (0) 30 42086 1936
E-Mail: michaela.reimann@hypoport.de
Branche: Financial & Business Services
ISIN: DE0005493365
WKN: 549336
Index: CDAX, Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard