Mortgages  

Mortgage network grows adviser numbers

Mortgage network grows adviser numbers

More advisers are using Mortgage Advice Bureau, according to its final year results, but profits dipped in 2017.

The firm’s operational highlights found that the average number of advisers in 2017 was up 14 per cent to 1,008 from 2016 when the figure stood at 888.

The results, which were publish today (Tuesday) for the year ending on 31 December 2017 also found that revenue per adviser was up by 3 per cent.

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Profit before exceptional gain and tax was up 16 per cent to £14.5m. In 2016 the figure stood at £12.5m.

However, reported profit before tax was £14.5m. In 2016, the figure stood at £15.2m, though this includes exceptional gain of £2.7m profit on disposal of a 49 per cent stake in Capital Private Finance Limited in 2016.

Peter Brodnicki, chief executive, said:  "I am delighted to report another set of excellent results. 

"MAB continues to deliver on its strategy in all market conditions whilst maintaining a strong financial position.  

"Our mortgage completions increased by 18.5 per cent and our market share increased by 13 per cent .

"Achievements across the business continue to be recognised by a number of industry awards, including being named Best Mortgage Broker at the 2018 Mortgage Strategy Awards.

"We are focused on delivering sustainable long-term growth and providing the best possible solutions and outcomes for our customers.  

"We plan to continue growing our market share and mortgage completions, whilst leading the evolution of intermediary distribution that we expect to see over the next five years."

This comes as Mortgage Advice Bureau reported its revenue was up 17 per cent to £108.8m.  In 2016 the figure stood at £92.8m.

Other highlights in the report found that gross profit was up by 17 per cent to £25.9m, when compared to 2016 when it was £22.1m.