LOAN and mortgage provider Compass Finance Group PLC is pointing the way forward to achieving a trading profit for the second half of the year to mirror that for the first six months.

And the company, which moved into its new headquarters at Burys Castlebrook Business Park earlier this year, says its turnover for the year to September 30 is likely to be around £14.6 million, an increase of 11 per cent compared to the previous year.

While trading profit for the second half of the financial year is likely to be broadly in line with that achieved in the first half, there are strong signs of improvement in the underlying performance indicators. Net cash inflow from operations for the second half is likely to be around £450,000, compared with an outflow of £869,000 in the first half. This indicates that strong financial controls introduced are now having a positive impact on the business. Mortgage completions in the second half of the year have increased by 40 per cent over those achieved in the first half and Compass has also completed a restructuring of its management team.

Mark Walker has been appointed finance director and Mark Snape as sales and operations director. In addition, Mark Cawood has been appointed marketing director.

Compass Finance Group PLC, which employs more than 135 staff, is a finance broker and packager of re-mortgages, secured loans and unsecured loans for clients requiring debt consolidation and financial solutions. It earns its income from commissions and fees received primarily from third party lenders.