Review Mortgage Lenders

Cimarron Mortgage Company

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Delayed projects see RXP Services downgrade earnings by millions

However, the company also flagged the continued uptake of its digital services, which continues to grow and is expected to strengthen over the next year.

“The margin pressure on our traditional business has taken us longer to stabilise than planned and, whilst we have been successful in minimising the impact on revenue, this has adversely impacted earnings,” RXP Services CEO and managing director Ross Fielding said. “Profit has also been impacted by the delayed start to a number of important digital projects and associated product sales.

“While we are disappointed with the performance over the last 12 months, the company remains committed to a transition in work mix that ensures we can take advantage of the digital evolution occurring across all businesses.

“We recognise the need to address and make changes to the cost base of our traditional business as we transition the work mix. Also, with our digital work growing, we will be focused on improving our ability to forecast this type of work and make better resource allocation decisions,” he said.