Hypoport AG / Key word(s): Profit Warning
14.02.2014 16:50
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Berlin, 14 February 2014: Hypoport's earnings forecast for the 2013
financial year was revised at today's Management Board meeting on the basis
of the fourth-quarter management accounting figures submitted by all
Hypoport Group companies.
Although revenue showed impressive double-digit growth, recent market
conditions will prevent the Hypoport Group from achieving its original
prediction that earnings would return to their record levels of 2010 and
2011. The Company now expects to generate double-digit growth in earnings
before interest and tax (EBIT) for 2013 as a whole after reporting EBIT of
EUR3.2 million for 2012. Revenue for 2013 will have topped the EUR100
million mark for the first time ever (2012: EUR87.8 million).
The fallout from the financial and sovereign debt crises continues to
radically transform the financial services industry. The market for
endowment insurance and private health insurance has contracted sharply.
This situation continues to act as a significant drag on the Private
Clients business unit in particular. A further adverse factor was that the
year-end business typical of this sector failed to materialise in 2013. The
efficiency measures introduced, the rigorous focus on the management of
insurance portfolios, and the ongoing growth of mortgage finance in the
Private Clients business unit were unable to fully offset the dramatic
decline in new insurance business.
The Financial Service Providers and Institutional Clients business units
failed to replicate their exceptionally successful third quarters in the
face of persistently sluggish interest rates. These two business units
completed 2013 as a whole by delivering robust performances in the final
quarter.
Hypoport expects its Financial Service Providers and Institutional Clients
business units to continue to grow in 2014. In addition, the restructuring
of insurance for private clients should yield tangible benefits in terms of
earnings. Consequently, Hypoport is adhering to its previous forecast for
2014 of double-digit revenue growth and earnings above the record levels of
previous years 2010/2011.
Hypoport will be publishing its preliminary financial results for 2013 on
10 March this year.
Information on Hypoport AG
As an independent financial product distributor that runs a B2B financial
marketplace, Hypoport operates successfully in two mutually reinforcing
segments. It always provides the simplest access to the best financial
services. As a wholly-owned subsidiary of Hypoport, Europace AG develops
and operates the web-based EUROPACE financial marketplace, which is
Germany's largest platform for mortgages, building finance products and
personal loans. A fully integrated system links 250 partners - banks,
insurers and financial product distributors. Several thousand users execute
more than 20.000 transactions worth a total of up to EUR3 billion on
EUROPACE every month. The Hypoport subsidiary Dr. Klein & Co. AG is an
independent online distributor of financial products. This firm's
specialists provide private clients with a full range of advisory services
around mortgage finance, insurance and investments. Dr. Klein & Co. AG has
been a major financial service partner to housing companies, local
authorities and commercial property investors since 1954. Hypoport AG is
headquartered in Berlin, employs more than 500 people and is listed in the
Prime Standard of the Frankfurt Stock Exchange.
Contact:
Michaela Reimann
Head of Communications
Hypoport AG
Klosterstraße 71
10179 Berlin
Mobile: +49 (0) 151 / 58 04 - 1936
Phone.: +49 (0) 30 / 4 20 86 - 1936
E-mail: michaela.reimann@hypoport.de
Internet: www.hypoport.de
Twitter: http://twitter.com/Hypoport
14.02.2014 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Hypoport AG
Klosterstraße 71
10179 Berlin
Germany
Phone: +49/30 42086-0
Fax: +49/30 42086-1999
E-mail: ir@hypoport.de
Internet: www.hypoport.de
ISIN: DE0005493365
WKN: 549336
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Stuttgart
End of Announcement DGAP News-Service
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