Latest News from Hodge Bank
26th February 2018
Cardiff-based Hodge, the group of companies which includes Hodge Bank and Hodge Lifetime, has announced that David Austin is to retire from the group. The exact date of David’s retirement will depend upon the timing of the appointment of his successor and the wish to ensure that a smooth handover can take place.
David has been a great ambassador for Hodge for the best part of 28 years, first as Finance Director, and for the last 20 years as Managing Director. In that time Hodge has grown significantly, increasing its assets from £70m in 1990 to £1,846 million today.
Commenting on his retirement, David Austin said:
“The past 27 years at Hodge have been immensely rewarding. I’m delighted to say Hodge is stronger than ever and I’m proud that the business supports thousands of customers every day across various businesses. Through the work of the Hodge Foundation, the impact of Hodge’s success has been shared with many charities supporting a variety of causes. I’m confident Hodge will continue to flourish and I will be working with the Board to ensure a smooth handover to my successor”.
Adrian Piper, Chairman of Hodge said:
“Working alongside David as Managing Director has been a privilege. His experience and knowledge of the group has been invaluable to me personally, and to the Board. David is widely respected across the organisation and has been instrumental in building Hodge to be the strong and successful business it is today. We wish David well in his upcoming retirement, but will continue to benefit from his leadership until his successor is appointed and handover complete.”
The Board has engaged Odgers Berndtson to support the search for a new CEO. Whilst the search is ongoing, it is business as usual for Hodge, continuing to offer great products and services to both existing and new customers across its key markets of commercial lending, lending into retirement and savings.
22nd November 2017
Cardiff-based Hodge is sponsoring the Snowdogs Farewell Weekend. Snowdogs, Tails in Wales has been the biggest and most exciting public art event ever seen in Wales, brightening up the capital city and beyond and has brought visitors from far and wide into the streets of Cardiff and the Vale throughout the Autumn.
The event was organised by public art producers Wild in Art and Penguin Ventures and is inspired by THE SNOWMAN™ AND THE SNOWDOG, the animated sequel to Raymond Briggs’ iconic picture book and film THE SNOWMAN™.
The Farewell Weekend is the chance to say goodbye to the 43 super Snowdogs and 57 loveable pups. They’re being gathered together before being auctioned to raise funds for Ty Hafan. As well as being the last chance to see the 100 Snowdogs together, the event will feature children’s entertainment and crafts, and a limited edition Snowdogs souvenir guide and gifts will be available.
Hodge is delighted to contribute to the campaign, and support Ty Hafan raising money for children with life-limiting conditions. David Austin, Managing Director says ‘We’re a proud Welsh business based in the heart of Cardiff. Anthem and Pop Pup are on our doorstep, and with the other Snowdogs around the city they’ve created a real buzz. Doing the right thing is important to us as a business and we’re thrilled to be associated with the Farewell Weekend’.
Sara Webber, Associate Director, Events, Gifts, Brand and Media at Tŷ Hafan, said: “We’re so grateful for Hodge’s generous sponsorship of our Farewell Weekend, where Snowdog fans will get the chance to see all our colourful canines together under one roof for the last time before they are sold to raise vital funds for Tŷ Hafan.”
The event takes place from 8th-10th December in the Capitol Centre, Queen Street, Cardiff, and all profits from the Farewell Event will support the work of Ty Hafan, the hospice for children in Wales.
7th June 2017
Cardiff-based Hodge, has announced its financial results for the financial year ended 31 October 2016. Combined pre-tax profits for the group exceeded £50 million, principally generated by its two financial services subsidiaries.
Hodge Bank, which specialises in commercial and later life lending recorded pre-tax profits of £22.8 million, driven primarily by excellent new business and fee levels in commercial lending.
Net interest income rose by 97% to £13.2 million and net operating income from trading activities rose by 86% to £14.3 million.
Hodge Life Assurance Company, which offers equity release and annuities under the Hodge Lifetime brand, made £27.4 million pre-tax, resulting from strong trading underpinned by a significant increase in pension annuity new business premiums which were 61% up on the previous year.
Group total assets exceeded £1.9 billion at the end of the financial year.
Keith James, Chairman of both companies said:
“It has been a tremendous year. Following the business’ move to One Central Square last September, and its rebrand to trade under the Hodge name, the group’s result has been underpinned by a record performance in both of our main businesses, and we have created a very strong platform for future growth”
David Austin, Group Managing Director noted:
“We are very proud of our 2016 results, and I’m grateful to our staff who have played an important part in this achievement. Nevertheless, we enter 2017 with a degree of caution.
The adoption of a new financial reporting regime has meant that market factors such as interest rates and house prices have a much greater influence on the reported outcome than previously, and whilst the effect has been favourable in 2016, our results will inevitably be more volatile in future.
However, the fundamentals underpinning our business remain strong and I have no doubt we can deal with the vagaries of market movements as they occur.”
The success of the Hodge group has enabled dividends to be paid to The Hodge Foundation, a charity supporting welfare, medical, academic and religious causes which owns 79% of the Hodge group.
By helping its customers to achieve their goals and being successful in its own right, the group assists the Foundation in meeting its charitable objectives.