Mansfield Building Society reports another strong year at its AGM

04 May 2020

Mansfield Building Society has posted a record annual pre-tax profit of £1.9m and 4% mortgage asset growth in its 2019 Report and Accounts at its Annual General Meeting (AGM).

The strong financial performance in 2019 extends the period of unprecedented growth for the Nottinghamshire-based Society in spite of the head winds caused by the UK’s decision to leave the European Union.

In addition to the mortgage growth, the Society saw its retail savings balances grow by £30m, supported by its Local and Loyal approach to existing members and savers across its Heartland Area1.

2019 also saw the Society invest significantly in its new brand, new website, new savings portal, and the acquisition of new premises in Sutton in Ashfield.

In addition to its financial performance, the Society has also released news that its Chief Executive, Gev Lynott, has taken the opportunity to announce his retirement at the Society’s Annual General Meeting, having worked for more than 40 years in the financial services sector. He’ll be passing the baton onto Deputy Chief Executive and Finance Director, Paul Wheeler.

Outgoing Chief Executive, Gev Lynott, said that the performance was testament to the talent and spirit that has been nurtured at the Society:

“If we look back at 2019, it was an incredibly tough year with uncertainty around Brexit having a negative impact on the housing sector, igniting fierce competition amongst mortgage lenders. However, we remained resolute, continuing to extend our proposition into underserved segments of the mortgage market where our personal and pragmatic approach continues to flourish.

I’m pleased with the way the Society has evolved during my tenure and it is with great pride that I hand over the reins of this terrific organisation to Paul, who I know will successfully lead Mansfield Building Society through the next chapter of its remarkable history.”

New Chief Executive, Paul Wheeler, said that even though the current global crisis was creating a challenging backdrop, the Society is well placed to face into the economic head winds that will result thanks to its financial strength:

“I’m honoured to take the helm in the Society’s 150th year. Even though these are unprecedented times, our ongoing success enables us to look to the future with confidence. When the crisis passes and it is safe to do so, we fully intend to resume where we left off, building a strong, independent, forward-looking Society that our Members can be immensely proud of.”