The number of advisers at the Mortgage Advice Bureau jumped 20 per cent last year as revenue at the business weathered "prolonged political and economic uncertainties" in 2019.
In a trading update issued to the market today (January 28) the company confirmed its total number of advisers grew from 1,213 to 1,457 in the last calendar year.
The recruitment was predominately driven by growth within the business but 82 advisers also joined the company as part of its acquisition of First Mortgage Direct in July last year.
The Mortgage Advice Bureau said activity in the housing market had continued to suffer as a result of continuing political and economic uncertainties in the first half of last year, with underlying average revenue per adviser taking a hit of 3 per cent.
But overall revenue for the year weathered the storm, increasing by 16 per cent to £143m and driven by an increase in advisers and a revenue contribution of £8m from the First Mortgage Direct acquisition.
The advice firm said productivity had picked up again in the second half of 2019 and, with hopes the general election result will now provide some respite to the uncertainty, predicted adviser revenues would grow in the coming year.
Chief executive Peter Brodnicki said: "MAB has delivered another strong performance despite the prolonged political and economic uncertainties throughout 2019.
"We are capitalising upon our protection and lead generation initiatives to further improve performance and continue to pilot our new technology platform, with rollout to a number of our ARs in the first half of 2020.
"These initiatives are important recruitment drivers for ARs, advisers and lead sources."
rachel.mortimer@ft.com
What do you think about the issues raised by this story? Email us on fa.letters@ft.com to let us know.
