Equity-release loans middleman Compass Finance - which currently notches up ten per cent of its business in the Midlands - expects to see a much improved performance in the second half of the year after turning in a "disappointing" set of results for the six months to March 31.
First half turnover rose from £ 5.62 million to £7.03 million.
However, the firm said yesterday that it has had a difficult start to its first full year as a public company, reporting a profit before tax and goodwill amortisation of £65,000 for the six month period.
There was a loss after tax and goodwill amortisation of £181,000.
Compass, which earns its income from commissions and fees received primarily from third party lenders, is currently in the process of retargeting its markets and believes the Midlands offers a strong opportunity for new business.
The company, which has moved to a new headquarters in Manchester, is also looking to upgrade its IT systems to improve the efficiency of its operations.
Chairman Grenville Folwell said: "The UK debt consolidation environment has become more challenging over the past six months due to increased regulatory and compliance procedures for mortgage and general insurance business.
"Despite this, Compass believes it can continue to grow in this market offering a high level of expertise in both mortgages and loans, and believes that it continues to achieve higher conversion rates than its competitors."