Ardent sets sights on acquisitions

Shared Home Investment Plan (SHIP) holding company Ardent has announced increased losses of €125,527 for the six months to the end of June, up from €92,402 for the same period last year.

Under acquisition accounting rules. The unaudited results reflect only two months' performance since the acquisition of SHIP.

Income is derived primarily from the mortgage portfolio and the spread between interest charged to customers net of funding and hedging costs.

In the two-month period following the acquisition of SHIP, income was €40,132. Overheads, at €165,659 for the period, reflect the fixed cost nature of the business and the level of investment required to support ongoing development, Ardent said today.

Ardent listed on IEX, the Irish Stock Exchange's specialist mid-sized market on September 4 this year.

Ardent boss Billy Kane said the company had its sights set on further acquisitions. "The company is currently looking at a number of opportunities in the Irish mortgage market and the possible acquisition of additional reversionary interests," he said.