Finance Ireland, which is involved in the home equity release market, has reported pre-tax losses of just over €300,000 for the year to the end of June 2006, up from a loss of €200,000 a year earlier.
Finance Ireland was formerly known as Ardent and is headed by former Irish Life & Permanent chief Billy Kane. It issued the figures today as a result of a decision to change its reporting period to the calendar year. The company's main business in SHIP.
SHIP's products allow home owners to sell a stake in their home to it in return for a lump sum. It also offers a lifetime mortgage product and recently set up a joint venture with Investec to target the Irish sub-prime mortgage market. Sub-prime lending targets people who have difficulty obtaining mortgages from traditional financial institutions.
Finance Ireland will announce results for the period to December 31 in April.
