Elephant Loans and Mortgages has seen its share price haemorrhage as it revealed profits are likely to be below expectations.

The lender’s share price plummeted 14% to 0.750p today as its trading statement revealed a “weak performance” in the first half of the year.

The board has told investors it believes it is “prudent to anticipate that profits for the full year are likely to be below current market expectations.”

The statement adds: “In the light of changed market conditions and in order to ensure that the company is well positioned for future growth, the board is implementing changes to its regional branch structure.

“It is entering into an agreement regarding its insolvency solutions subsidiary, DebtSmashers Limited.”

Elephant is now consolidating its south of England operations, at Ashford,
Peterborough and Cardiff, into its Twickenham head office branch.

The board says it believes that it can achieve superior financial performance and improved customer service in the southern region by “centralising support functions” while retaining locally home-office based mortgage advisers.

The statement adds: “This change will result in immediate cost savings, which will be evident in the second half of the current financial year.”


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