Finance Ireland has reported pre-tax losses of just over €800,000 for the first six months of this year.
Finance Ireland was formerly known as Ardent and is headed by former Irish Life & Permanent chief Billy Kane. 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.
The company said growth in its Lifetime mortgages was slower than expected, due to 'adverse commentary' about the equity release market. But it says sales have improved in the third quarter of the year.
The company also owns 40% of Nua, a sub-prime mortgage business which was launched in April. It says this is trading in line with expectation.
Finance Ireland says it continues to seek opportunities in niche retail financial services and is looking at launching a specialist car finance subsidiary before December. This is subject to equity and debt funding though the timing of this has yet to be determined.
