MAB revenue boosted by rising adviser numbers

Its pre-close trading update put this down to a growing number of advisers working for the network.

Following strong appointed representative recruitment in the first few months of the year, with total numbers at 30 June up 13 per cent to 891, with 101 new advisers joining during the period.

The average number of advisers in the 12 months to the end of June increased by 173 to 811, up 27 per cent on the equivalent period last year.

Whilst Brexit might have created some headwinds for the UK economy, we remain focused on continuing to grow MAB’s market share. Peter Brodnicki

AR and adviser recruitment shows no signs of slowing post the EU referendum, according to the statement.

“We continue to support our established appointed representatives with their plans to grow their local market share; there has been little or no impact on their organic growth plans post the referendum outcome,” the update read.

At the half year point, the company had cash holdings of more than £16m, including more than £9.5m of unrestricted cash balances.

MAB expects to complete the sale of its 49 per cent stake in Capital Private Finance shortly, after which its exposure to the London market will reduce to about 6 per cent in terms of revenue.

Chief executive Peter Brodnicki said despite early concerns in the business community post EU referendum, there is plenty of business to be done and MAB were just getting on with it.

He said: “Whilst Brexit might have created some headwinds for the UK economy, we remain focused on continuing to grow MAB’s market share and strengthening our position as one of the UK’s leading consumer intermediary brands and specialist appointed representative networks.”

peter.walker@ft.com