My Home Move Ltd has reported a profit for the financial year to December 31 2011 marking a return to profit following 2010.
The Directors’ report and financial statements announced a profit of £994,000, which shows that the company has bounced back from 2010 where a loss of £980,000 was reported.
The report highlights a busy year for the company, where despite the housing market remaining steady, My Home Move’s average direct market share, on cases fully processed by the company, has increased by 18%. The average total market share for My Home Move was 2.86%, which marks them as market leader.
During 2011 the growth by the company saw them complete conveyancing cases in every postcode area in England and Wales.
In the first quarter of 2011 My Home Move rolled out its e-conveyancing system, eWay to over 70% of its new clients. eWay provides a secure online case file, and allows clients to read and complete key forms and documents online, upload documents to their case file, make online payments securely, and use SMS messages to communicate. It can be accessed from PCs and smartphones.
In 2011 the company completed over 10,000 through eWay. Over 95% of customers were delighted or happy with the service, and would recommend My Home Move to friends or family. The company was awarded the Mortgage Finance Gazette (MFG) Award 2012 for Innovator of the Year.
On 6th October 2011 the company was also pleased to see subsidiary Premier Property Lawyers Ltd become the first ABS in the UK.
The Directors’ report also states the development of a successful Flexible Capacity Plan, allowing the company to deal with fluctuating business volumes during the year, and the strengthening of anti-fraud controls. Subsidiary Premier Property Lawyers Ltd was the first conveyancing firm to join CIFAS.
The company believes that the next twelve months will continue to see challenged trading conditions, with transaction levels remaining static. The main risks to the company remain the indirect reliance on the performance of the housing market. This is managed by monitoring data and planning staff levels.
My Home Move believes its size allows it to build robust systems and invest in people and technology. The company expects to cement its position as market leader in the next year, with market share gains continuing through 2012.
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