The Mortgage Advice Bureau has reported an increase in revenue for the first half of the year despite fewer housing transactions taking place.
The specialist appointed representative network saw its revenue increase 16 per cent to £57m - an increase primarily attributed to a growing number of advisers joining the business.
There were 1,138 advisers at 30 June 2018, an increase of 6 per cent from 1,078 since the end of last year.
At the end of June, the Mortgage Advice Bureau had a cash position in excess of £22m, including more than £12m of unrestricted cash balances.
A spokesperson for the bureau said the group's strategy, driven by customers’ future direction of travel, will continue to drive growth in the company’s market share and deliver attractive returns to investors.
Peter Brodnicki, chief executive of Mortgage Advice Bureau, said he was delighted by another strong performance in the first half of 2018.
He said: "Housing transactions have reduced slightly compared to the equivalent period last year, but overall activity in the mortgage market has increased due to product switch activity, remortgaging and first-time buyers.
"Although product switches carry the lowest overall margin, it is in this area we have seen the most significant level of growth."
In May the Mortgage Advice Bureau announced plans to secure 'further growth through technology' and voiced support of the Financial Conduct Authority's encouragement of tools for consumers to better compare mortgage deals and the need to make it easier for consumers to assess the relative strength of intermediaries.
Speaking at the time, non-executive chairman Katherine Innes Ker said: "This is in line with our strategy which remains focused on consumer choice and outcomes, and securing further growth through technology, lead generation and specialisation which will increase our market share and the number of mortgage completions in all market conditions, enabling us to continue to deliver strong returns to our investors."
rachel.addison@ft.com
