Mortgage network the Mortgage Advice Bureau has seen adviser numbers grow 20 per cent in the year to June 2015.
Its pre-close trading update for the six months to 30 June 2015, published today (23 July) revealed that the number of advisers had increased to 722 at 30 June 2015, an increase of 88 advisers since the year-end.
It added that the average number of advisers in the 12 months to 30 June 2015 was 638, an increase of 20 per cent on the average number of adviser in the 12 months to 30 June 2014 of 259.
The results also revealed that it generated revenue of £31m for the first six months of this year, representing a 27 per cent increase when compared with the same period in 2014.
The network said the “strong” revenue growth has allowed it to absorb ongoing listing costs and increased Financial Services Compensation Scheme levies in the six months.
It added that current trading is in line with the board’s expectations, and that at 30 June 2015 the company had a balance sheet cash position of over £11.5m, including over £6.9m of unrestricted cash balances.
In terms of adviser numbers, the network said it has continued its ongoing recruitment of advisers and appointed representative firms, and
Peter Brodnicki, chief executive of the Mortgage Advice Bureau, said: “MAB continues to be an attractive home for ambitious, forward thinking and growing appointed representative firms.
“It is also pleasing to see positive trends in terms of the mortgage and housing markets, new lenders coming to market, and intermediary market share, all contributing to MAB's great deal of optimism for the future.”
ruth.gillbe@ft.com
