Mortgage Advice Bureau saw its profits increase by 46 per cent during 2016, reaching £15.2m.
Part of the reason for this increase was the £2.7m profit the company made from selling its 49 per cent stake in Capital Private Finance.
But MAB also increased its revenue by 23 per cent to £92.8m.
Peter Brodnicki, chief executive of MAB, said: “A key driver of revenue is the average number of advisers in each financial year.
“Our business model continues to attract forward thinking appointed respresentatives [advisers] who are seeking to expand and grow their market share.”
Average adviser numbers increased by 23 per cent to 888 over the year, through a combination of the recruitment of new ARs and the expansion of existing ones.
Mr Brodnicki added that this was the company’s eighth consecutive year of “strong” revenue and profit growth.
The company’s gross mortgage lending increased by 28 per cent, reaching £10.0bn, while its overall share of UK new mortgage lending increased to 4.1 per cent.
Looking forward, Mr Brodnicki predicted that housing transaction volumes and mortgage transaction volumes would be flat through 2017 and 2018 as the UK left the European Union.
But he said the intermediary market share had risen to 72 per cent by the end of 2016.
He said: “The strong position that MAB has built as a result of its proprietary MIDAS Pro platform and its in-house development team enables MAB to prioritise technology developments and will enable it to roll out robo-advice style initiatives throughout 2017/18.
“As a result we expect MAB's distribution to be able to compete at the highest level with new robo-advice led entrants, whilst retaining the clear advantage of offering our customers the choice of how they want to research, receive advice and transact.”
At the end of last year MAB announced plans to expand into Australia through a joint venture which started trading in December.
damian.fantato@ft.com
