Home repossessions in the UK continue to fall

The rate of home repossession in the UK continued to fall in the third quarter of 2012, the Council of Mortgage Lenders (CML) reported today.

In its latest quarterly report, the CML said that 8,200 properties were taken into possession by mortgage providers between July and September, down from 8,500 in the previous three-month period and from 9,600 in the third quarter last year.

The total for this year’s third quarter represents the lowest number of properties taken into possession in a single quarter since 2007. Over the first nine months of the year repossessions were down 8% compared to a year earlier.

Lenders want to keep people in their homes and repossession is a last resort, according to CML director general Paul Smee. He added that good communication and effective arrears management by borrowers, lenders and money advisers are helping the vast majority of those with mortgage repayment problems.

Mortgage arrears remained stable in the third quarter. As of the end of September, the total number of mortgages with arrears of 2.5% or more of the outstanding balance rose slightly to 159,100, up from 158,700 in the previous quarter, but remained below the 165,300 in arrears in the same period last year.

According to the CML, borrowers in the UK have 11.2 million mortgages, with loans worth over GBP1.2 trillion.

The Council of Mortgage Lenders represent banks, building societies and other lenders who together account for around 95% of all residential mortgage lending in the UK.

Separate statistics released today by the Ministry of Justice give an indication that the number of homes being repossessed will fall further over the coming months. There were 14,168 court actions for repossession issued from July to September 2012, which continues the downward trend seen since 2008.

The Ministry of Justice said that this fall in the number of claims coincides with lower interest rates and a more proactive approach from lenders in managing consumers in financial difficulties, as well as various interventions, such as the introduction of the Mortgage Pre-Action Protocol.

The Bank of England confirmed today that its Monetary Policy Committee (MPC) has decided to keep interest rates at the record low of 0.5%.

German Bosch unveils €1.1bn disposal of Denso stake

German technology supplier Robert Bosch GmbH said on Thursday it had recently disposed of its remaining 5% stake in Japanese car parts maker Denso Corp (TYO:6902) for around EUR1.1bn (USD1.4bn).

Robert Bosch Investment Nederland BV had sold all of its non-strategic shareholding in Denso which comprised roughly 46m units, Bosch said without disclosing the name of the buyer. The group intends to use the cash funds for capital expenditure in fields with promising future, as well as to finance takeovers.

The two parties have been collaborating since 1953 when they sealed their first license contract regarding the production of electric automotive equipment. The German group, which has been a shareholder in Denso since the mid 1950s, had divested a part of its original investment in 2009. The firms also have two joint ventures.

More specifically, they have stakes in US-based vehicle fuel pumps producer Associated Fuel Pump Systems Corp (AFCO) and in Advanced Driver Information Technology Corp (ADIT) which develops platforms for vehicle infotainment systems in Japan and Germany.

Bosch noted that the stake sale will not affect the long-standing partnership between the two. They will still collaborate within the framework of existing alliances and will continue to examine opportunities for future ones.

TNS 3Q 2012 revenues down 3.9%

TNS, Inc. (NYSE: TNS) said its total revenue for the third quarter of 2012 decreased 3.9% to $137.2 million from third quarter 2011 revenue of $142.7 million. On a constant dollar basis, revenues for the third quarter of 2012 decreased 2.3% to $139.5 million.

TNS, Inc. (NYSE: TNS) said its total revenue for the third quarter of 2012 decreased 3.9% to $137.2 million from third quarter 2011 revenue of $142.7 million. On a constant dollar basis, revenues for the third quarter of 2012 decreased 2.3% to $139.5 million.

Third quarter 2012 GAAP net income was $3.0 million, or $0.12 per share, compared to GAAP net income of $1.6 million, or $0.06 per share, for the third quarter 2011. Included in GAAP net income for the third quarter of 2012 was a pre-tax charge of $2.8 million, or $0.09 per share, for severance.

Adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) for the third quarter of 2012 decreased 5.2% to $34.5 million, or 25.1% of revenue, from $36.4 million, or 25.5% of revenue, for the third quarter of 2011. On a constant dollar basis, adjusted EBITDA for the third quarter of 2012 was $35.5 million, or 25.5% of revenue.

Adjusted earnings decreased 4.7% to $14.9 million, or $0.61 per share, for the third quarter of 2012 compared to adjusted earnings of $15.6 million, or $0.61 per share, for the third quarter of 2011. On a constant dollar basis, adjusted earnings was $15.6 million, or $0.64 per share, for the third quarter 2012.

During the third quarter of 2012, TNS repurchased 161,082 shares of common stock for $2.4 million under its three-year $30 million share repurchase program, of which $27.6 million remains available. TNS also voluntarily paid down $5 million of its Senior Secured Credit Facility during the third quarter of 2012 and made an additional payment of $10 million subsequent to quarter end.

Founded in 1990 in the United States, TNS has grown steadily and now provides services in over 40 countries across the Americas, Europe and the Asia Pacific region, with our reach extending to many more. TNS has designed and implemented multiple data networks which support a variety of widely accepted communications protocols and are designed to be scalable and accessible by multiple methods.