BERLIN (dpa-AFX) - Following the slump in the real estate market, things are looking up again for the financial services provider Hypoport. According to preliminary figures, the company generated revenue of 107 million euros in the first quarter, 15 percent more than a year earlier, as it announced in Berlin on Monday evening. Earnings before interest and taxes (EBIT) even jumped from 0.8 to 4.3 million euros. This was mainly due to significantly better business with private real estate loans, it added. The news was well received on the stock market on Tuesday.

Shortly after the start of trading, Hypoport's shares rose by around one and a half percent to 234 euros, making them one of the strongest stocks in the small-cap index SDax. Since the turn of the year, the shares have gained around a third in value. However, the share is a long way off the record prices of over 600 euros from the time of the coronavirus pandemic and low interest rates.

There were already signs that Hypoport's business was improving again last week when the Group published the first data from its Europace platform. Its business had slumped dramatically following the rise in interest rates around two years ago.

In the first quarter, the volume of private real estate loans processed there was more than ten percent higher than in the same period of the previous year for the first time. Specifically, the volume rose by 11.6 percent to 18.4 billion euros. Business with savings banks and cooperative banks grew particularly strongly.

In view of these figures, CEO Ronald Slabke also saw his forecast for the current year confirmed. He expects a "noticeable upturn in the market in 2024 as a whole", he explained when presenting the Europace figures. He is currently targeting revenue of at least €400 million and an operating profit (EBIT) of between €10 million and €20 million for the Group. Hypoport intends to present its full quarterly report as planned on May 6./stw/ngu/nas/jha/