CompaniesMar 14 2012

Mortgage Advice Bureau pre-tax profit hits £1.9m

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Mortgage advice specialist the Mortgage Advice Bureau has announced that it generated pre-tax profit of £1.9m in 2011, up 50 per cent from the £1.25m achieved in 2010 and up 25 per cent on the previous record of £1.4m achieved in 2007 prior to the credit crunch.

Peter Brodnicki, chief executive of MAB, said 2011 saw mortgage applications increase by more than 30 per cent, with record sales of protection and GI also achieved.

He said: “We are delighted with our 2011 results, especially considering that we have invested more heavily than ever in our appointed representative proposition which has been attracting some very high quality firms.

“The sharp increase in sales and profitability of the last few years is set to continue with 2012 expected to be another very strong year.”