Summer swoop pays off for mortgage advisory group

Mortgage Advice Bureau (MAB) has seen its revenue jump by 16 per cent to £143 million after a successful acquisition saw it add a number of new advisers to its books.

In a trading update for the year ended 31 December 2019, the Derby-based firm said its total number of advisers rose by 20 per cent during the period, with 82 having been brought into the Group following the purchase of First Mortgage Direct in July.

The company also said the acquisition contributed an additional £8 million of revenue.

Having successfully navigated a tricky economic landscape, MAB’s pre-tax profits were in line with expectations. At 31 December the Group boasted a strong balance sheet with a cash position of £21 million, including £7 million of unrestricted cash balances.

Peter Brodnicki, CEO of MAB, said: “MAB has delivered another strong performance despite the prolonged political and economic uncertainties throughout 2019. We continue to deliver on our strategy to grow our market share in all conditions by investing to ensure sustainable growth whilst maintaining a strong financial position.

“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.”