The Mortgage Advice Bureau (MAB) has reported an increase in revenue and productivity over the course of last year, despite Brexit uncertainty and a drop in housing transactions.
In a trading update published today (January 22) the specialist appointed representative network announced its revenue for the year ended December 31, 2018 had increased 13 per cent to £123m.
The figures were released in advance of MAB’s final results to be published in March, with the network attributing its rising revenues to a 13 per cent increase in the number of its advisers from 1,078 at the end of 2017 to 1,213 at the end of last year.
MAB reported its average revenue per adviser increased by 1 per cent over the course of last year, a growth the network said had continued despite "ongoing economic uncertainty" driven by Brexit and a fall in overall housing transactions.
The network suggested its profit before tax for the year ended December 31 was broadly in line with the board’s expectations, with a cash position of more than £25m.
Peter Brodnicki, chief executive of Mortgage Advice Bureau, said the firm continued to grow its market share and invest in accordance with its "very clear" strategy for sustainable growth.
He said: "We are looking forward to capitalising upon our recent protection initiatives to increase performance whilst also delivering the initial phase of our next generation Midas technology in the first half of this year.
"Both of these initiatives are already proving to be important recruitment drivers for appointed representatives, advisers and lead sources.
"This initial phase and further releases across 2019 and 2020 will benefit MAB advisers and customers, through improvements in efficiency, productivity, lead generation, product offering and customer experience."
Yesterday MAB announced its executive director David Preece would retire in July, after 15 years in the role.
Mr Preece is to become a non-executive director and continue to provide consultancy services to MAB.
rachel.addison@ft.com
