Profits hit record heights at the loan provider owned by the brothers behind Betfred during its latest financial year, according to new documents.
Goldentree Financial Services, which is based in Birchwood, has posted operating profits of £10m for the 12 months to March 31, 2022, up from £5.2m in the prior period.
The company's total income for the year also increased from £4.2m to £8.1m.
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The business was established in 2001 and is owned by Fred and Peter Done.
The results come after BusinessLive reported how pre-tax at Betfred were slashed by almost £200m as the betting giant counted the cost of Covid restrictions that forced its shops to close.
However Betfred said its turnover had risen by £1m to £525.9m because of the performance of its internet betting operations during the lockdowns.
A statement signed off by the board said: "Whilst the global economic outlook remains very uncertain, throughout 2021 and the early parts of 2022, the residential property market has performed strongly.
"House prices have grown, buyer demand has remained high and the supply of properties coming to market has not kept pace with the strong levels of buyer demand.
"This health of the residential property market has had a positive impact on the construction sector, despite this sector facing headwinds with material shortages and price increases.
"Looking forward, house price growth is expected to slow and the market is already seeing signs of this, with the time to sell properties lengthening and an increase in the proportion of listings where asking prices are being reduced."
The company added: "Goldentree has benefitted from the strong residential property market. Demand for Goldentree's products and services has grown, resulting in increased levels of business.
"The loan book remains in good health and is monitored closely by the management team through regular loan book reviews, stress testing and sensitivity analysis.
"We continue to monitor the key metrics which drive the successful performance of the business, mainly growth in the loan book, appropriate pricing of loans, control of fixed costs and cash collection through repayment of loans. All key metrics are showing positive trends.
"Provisions for bad debts remain nominal given our robust underwriting criteria and internal processes.
"The company continues to maintain its diverse sources of funding, leaving us well placed to grow profitably.
"Goldentree continues to enjoy low levels of staff turnover, maintaining our experienced team.
"The directors feel the company continues to be well placed to trade successfully and profitably."
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