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Mortgage Advice Bureau sees revenues increase

Mortgage Advice Bureau sees revenues increase

Mortgage Advice Bureau saw its revenue for the six months ending in June increase by 15 per cent to £49m.

The company stated this was driven by a 14 per cent increase in the average number of advisers to 974.

The total number of advisers had increased to 1,008 at the end of the half-year period.

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Peter Brodnicki, chief executive of Mortgage Advice Bureau, said: “Activity overall in the housing market has remained steady and was not unduly affected by the election in early June.

“There are some signs of softening home mover activity. However, for most of those moving home currently, it is not a discretionary decision, with lifestyle factors causing them to need to move.

“The remortgaging market both for residential and buy-to-let remains steady.

“We continue to enjoy a strong financial position and are focussed on our market share growth.

“Our technology developments are progressing well and will help drive our future market share growth and further strengthen MAB's overall market position in 2018 and beyond.”

MAB said its organic recruitment has been in line with the board's expectations and it expects new business recruitment to be weighted to the second half of the year.

At 30 June 2017, the company had a balance sheet with a cash position of £19m, including £11m of unrestricted cash balances.

In the first half of 2016 average revenue per adviser increased by 9 per cent compared to the same period last year due to the spike in buy-to-let applications resulting from the impending stamp duty changes in April 2016.

Against this backdrop MAB said it saw a modest growth in productivity in the six months ended 30 June 2017 and it expected this to continue.

At the end of last year MAB said it was expanding into Australia as part of a joint venture, with bosses saying it has yet to see regulatory change to the same extent as the UK.