Another strong performance for Leek United
20 March 2019
LEEK United has announced a strong and successful business performance for 2018.
Chief Executive Andrew Healy said the Society’s results for the year ended 31 December 2018 demonstrated that Leek United “remains in a highly robust position within an increasingly challenging and uncertain market environment”.
2018 financial highlights include:
- Mortgage assets: £825m (2017: £796m)
- Mortgage lending: £158m (2017: £184m)
- Group profit before tax and hedging: £3.4m (2017: £3.9m)
- Group reserves: £65.7m (2017: £63.2m)
- Group assets: £1,071m (2017: £1,039m)
Andrew said that Leek United had generated sustainable levels of profit and maintained a strong capital and liquidity position, whilst growing its mortgage book at a controlled rate.
“The Society remains committed to ensuring that profits are maintained at a suitable level to protect capital, but are not maximised at the expense of member value.”
“In line with the Society’s strategic plan, mortgage lending was slightly reduced from 2017, but still represents a solid performance in an extremely competitive market.”
Strong savings balances, too, demonstrated savers’ loyalty to, and support for, the Society, despite the extended and unprecedented low interest rate environment.
“Notwithstanding the increasingly challenging market conditions in which we operate, I am pleased to say that Leek United remains in a highly robust position,” continued Andrew.
“The months ahead are likely to bring even greater challenges, with increased economic and political uncertainty linked to the outcome of the UK’s withdrawal from the European Union.”
“However, as a mutual building society, our core priorities remain unchanged: to look after our members’ money, enable home ownership and help people plan for a secure financial future.”
Throughout 2018, Leek United has supported people wanting to get a foot on the housing ladder through its own competitive mortgage products – including 95% LTV (Loan To Value) products – alongside Government initiatives such as ‘Help To Buy’.
Leek United has also continued to give back to the communities it serves through a wide range of sponsorship and community-centred activities, raising many thousands of pounds for charitable causes.
The Society made one of its biggest ever single donations – £39,939 – to the County Air Ambulance Trust in May 2018, and was proud to be named as a Donna Louise Hero after raising more than £10,000 for respite and end-of-life care for children and young adults with life-limiting conditions.
2018 was also an award-winning year for Leek United: the Society was named as Britain's Best Variable Rate Mortgage Lender in the Personal Finance Awards 2018/19; Highly Commended as Best First-Time Buyer Mortgage Provider by Moneynet.co.uk; and shortlisted for two other national finance industry awards.
Andrew added: “Our central aim is to continue to provide all that customers rightly expect from a mutual regional building society: competitive, value for money products, underpinned by the highest possible standards of customer service. We look forward to serving the interests of our customers, members and local communities throughout 2019 and beyond.”
Leek United’s 2018 results will be formally presented to members by the Board of Directors at its Annual General Meeting at Leek Cricket Club on Wednesday, 24 April 2019.
