Record earnings from equity release group as market rallies

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Capital release broker Age Partnership Group and its sister company, Pure Retirement, which provides mortgage deals in the capital release market, posted combined record profits of £15.6m EBITDA for the year ending December 31, 2021.

During the financial year, Leeds-based Age Partnership made a profit of £2.6m while Pure Retirement built on its profit of £10.7m the previous year by posting a profit of £13m in 2021.

The equity release market was significantly impacted by COVID-19 in 2020 and as the Group entered 2021, the government announced the third nationwide lockdown on January 6 as the lifting of restrictions was not fully achieved. until mid-July, which again meant demand for all of the Group’s services and products remained modest.

With confidence returning to the market following the rollout of the vaccination program and the reopening of the economy, Age Partnership embarked on a major investment program to benefit from improving market conditions.

Pure also increased its headcount to 212 employees and continued to invest in its services and technical capabilities to continue supporting third-party relationships, helping to establish itself as the “vendor of choice” for those looking to outsource. the creation and service of releasing shares.

The company had around £3.3bn in loans under administration at the end of the year, which later grew to over £4bn.

Chairman of Age Partnership and Pure Retirement, Andrew Thirkill, said: “The end-of-life loan market grew by 24% in 2021, reflecting the recovery from the Covid-19 disruption and the increase in the market demand with more people than ever wanting to achieve some equity in their homes to improve their lifestyles and those of their families.

“To meet the increased demand, we are supported by an outstanding team of 650 people across both companies led by Steve Auckland at Age Partnership and Paul Carter at Pure Retirement.”

The company also confirmed that trading for the first half of the year was robust and that the full year 2022 result is again expected to be significantly ahead of 2021.