MAB reports growth in H1 results

Mortgage Advice Bureau (MAB) has revealed its H1 results, reporting revenue growth for the six months up to 30 June.

Revenue for the six months ended 30 June 2019 increased by 5%, 8% on an underlying basis, to £61m. This was driven primarily by a 13% increase in the average number of advisers to 1,242 over the period, up from 1,103 from the six months ending 30 June 2018.

Peter Brodnicki, (pictured) chief executive of Mortgage Advice Bureau, said: "Despite continued political uncertainty it has been a very positive six months for MAB. After a slow first quarter we are seeing strong growth in adviser numbers, putting us firmly on track to achieve our full year objective.

"In addition, adviser numbers will be further increased in H2 by the acquisition of one of the very best performing and highly respected UK brokers, First Mortgage Direct.

“This has been a tremendous addition to the MAB Group, adding to the growing number of exceptional firms choosing to partner with MAB, that will play a major role in our plans to grow market share through increasing adviser numbers and productivity.

"These objectives will be supported by a programme of technology developments that will be released to our distribution in H2 and throughout 2020, as well as our plans to broaden our addressable market and customer offering.

"Against this backdrop, I remain confident of delivering our growth plans in line with our strategy."

MAB said the majority of its ARs continue to hold strong growth plans for 2019 and 2020.

Against the backdrop of continuing uncertainty, MAB has seen housing transactions taking longer to complete in this financial year to date, impacting the timing of our banked revenue.

In Q2 MAB reported seeing some improvement in banked conversion and said it continues to see these trends in July.

At 30 June 2019, the group had a strong balance sheet with a cash position of over £24m, including over £11m of unrestricted cash balances.