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MAB expects revenue increase despite market closures

MAB expects revenue increase despite market closures
 Credit: Jason Alden/Bloomberg

Mortgage Advice Bureau (MAB) is expecting a year-on-year increase in revenue despite the initial lockdown that closed housing markets in the UK.

In its trading update for the year ended December 31, issued yesterday (January 20), MAB said group revenue for the year was expected to be around £148m, an increase of 3 per cent on 2019.

The group, excluding broker First Mortgage which it acquired in 2019, generated revenues of around £134m, which was broadly flat compared to the previous year.

The total number of advisers at year end also increased by 8 per cent to 1,580.

Peter Brodnicki, CEO of MAB, said: "I am very pleased with our 2020 performance which again demonstrates the resilience of our operating model and our ability to grow market share in all conditions.

“We responded quickly and decisively to the challenges we faced, we delivered a strong performance, our strategic objectives were achieved, and exciting new growth opportunities were identified.”

Mr Brodnicki continued: "We therefore enter 2021 in great shape, with a very strong pipeline of business, ARs, advisers and lead sources, as well as having further strengthened our leading proposition and management team.

“Despite continued uncertainties brought about by the pandemic, I am extremely confident in our ability to perform strongly and deliver our plans in order to achieve our market share growth ambitions.”

MAB also noted “very strong” completions in Q4.

It said this was despite delays caused by surveyors, lenders and conveyancers experiencing a surge in new business levels since the housing market reopened after lockdown.

The group has also announced the appointment of Mike Jones as an independent non-executive director.

Mr Jones retired from Lloyds Banking Group last year, where he worked in various roles, most recently as managing director of intermediaries and specialist brands.

He will serve on the audit, remuneration, nomination and group risk committees, taking up the role on March 1.

Mr Brodnicki commented: "I am also delighted to welcome Mike to the board. His leadership, vision, and strategic thinking at the UK's leading lender has shaped the intermediary and lending markets that exist today, and his appointment reflects the huge ambition of this business."

chloe.cheung@ft.com

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