Mortgage Choice profit sets up float

Mortgage Choice has reported a net profit of $5.16 million for the year to June, compared with a loss of $6 million in the previous year.

The company has changed its accounting practices as it prepares for a potential public float. CEO Tony Crossley said loans approved in the year had increased by 12 per cent on the previous year in number and by 19 per cent in value. The company has a mortgage book worth $11 billion.