City briefs: Mortgage Advice Bureau; Microlise
Derby-based Mortgage Advice Bureau (MAB) has issued a trading update covering the year ended 31 December 2022 ahead of its full-year results announcement on 28 March.
Group revenue increased by 22% to around £230m during the period, despite the impact of September’s mini-budget on the mortgage market. MAB said the acquisition of The Fluent Money Group in July had boosted its performance by adding £22m to its coffers.
Although the firm says current trading is “in line” with expectations, it has also warned that activity levels are below those seen this time last year. However, despite this, the firm expects activity to pick up “as borrowers gain confidence in a more stable macroeconomic and interest rate environment.”
Peter Brodnicki, CEO of MAB, said: “Despite the uncertain macroeconomic outlook, MAB remains very well positioned to grow its market share strongly again through 2023. In times like these housing transactions are typically postponed, not lost, and the opportunity these conditions generate for new AR recruitment will benefit MAB in the medium term.
“The technology we have developed to help our AR firms optimise lead flow from existing lead sources and clients will help support an H2 recovery, and boost firm and adviser performance in all market conditions. Strong and effective lead flow has a heightened importance in times where purchase activity slows.”
Brodnicki added: “We anticipate a very strong year ahead for re-financing, a slow but steady improvement in consumer confidence and housing transaction levels, combined with an increase in new AR recruitment and the incremental impact of new lead generation initiatives. I am confident that whilst continuing to grow market share this year, MAB will be in a very strong position to regain significant momentum in 2024.”
In December, MAB issued a profit warning which caused its share price to crash dramatically.
Microlise, the Nottingham-based provider of transport management software, says it expects to post revenue growth of 5% – up from £60.3m to £63.2m – for the year to 31 December after winning 250 new customers.
The firm added that its EBITDA is “slightly ahead” of market expectations.
Microlise CEO Nadeem Raza said: “I am delighted to report that we shipped more units than ever during 2022, despite the well-documented supply chain issues that clouded our markets throughout the year. This pays testament to the strength of our products and the quality of our staff who have been agile and resourceful in the face of any issues, adapting where appropriate while improving efficiencies and the positioning of our Company.
“Also, our new Great Place to Work (GPTW) accreditation reflects the passion and positive attitude of our people, all of whom are committed to building a supportive atmosphere. It recognises our commitment to staff and further establishes Microlise’s high-performing workplace culture.
“Although we can expect supply chain issues to continue to impact our markets in 2023, we do anticipate improvements during the second half of the year. This, combined with a record order book and healthy pipeline of opportunities across all the markets in which we operate, gives us confidence for the year ahead.”
