Profits and revenue up at Derby mortgage firm

Mortgage Advice Bureau has posted encouraging results for the six months ended 30 June 2019 after increasing its gross mortgage lending and appointing more advisers.

The Derby-based firm has seen its revenue increase by 5 per cent to £60.9 million during the half-year period, while profits are up 9 per cent to £14.2 million.

The amount of gross mortgage lending the company arranged with new lenders rose by 7 per cent to £6.3 billion.

Mortgage Advice Bureau has also announced its first significant bit of post-period business, having acquired 80 per cent of First Mortgage Direct. The acquisition will see the firm add around 90 advisers to its ranks.

Peter Brodnicki, chief executive, said: “I am delighted to report another set of strong results. Despite continued uncertainty, we have achieved strong revenue growth of 9 per cent on an underlying basis to £61 million, which has translated into adjusted EPS being up 5 per cent to 12.3p. Our mortgage completions increased by 6 per cent and our market share by 7 per cent. Accordingly, the board is pleased to declare an increased interim dividend of 11.1p per share, up 5 per cent on the prior year. MAB continues to deliver on its strategy to grow market share in all market conditions whilst maintaining a strong financial position.

“In addition to our strong growth achieved in H1 and into H2, through both advisers joining existing ARs and the addition of new ARs, adviser numbers have further increased since the period end through the acquisition of one of the very best performing and highly respected UK brokers, First Mortgage, in July. This has been a tremendous addition to the MAB Group, adding to the growing number of exceptional firms choosing to partner with MAB that will play a major role in our plans to grow our market share through increasing both adviser numbers and productivity. Against this backdrop, I remain confident of delivering further growth in line with our strategic plans.”

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