Mortgage advisory firm sees profits soar

Derby-based Mortgage Advice Bureau (MAB) has seen its profits and revenues soar for the year-ending 31 December 2019, and says it is in a “strong position” to deal with the threat from coronavirus.

Sales at the listed firm leapt by 17% to £143.7m over the period, while profit before tax was up 19% to £18.7m.

MAB says it is made a strong start to 2020, with increased activity until the end of March.

Peter Brodnicki, chief executive, said: “MAB has a clear strategy and we continue to strengthen our proposition. During this pandemic our priority is to redeploy our resources where possible to focus on lead generation, telephone advice and remote working. It is too early to predict the extent of the disruption to trading in the coming months and the associated impact on our results for the full year, though we do expect to see a reduction in revenue and profit. However, we remain very optimistic about MAB’s growth prospects.”