Mortgage Advice Bureau profits up.
Mortgage Advice Bureau (Holdings) PLC today announced its interim results for the six months ended 30 June 2016.
Peter Brodnicki, Chief Executive commented:
“I am pleased to report another strong set of results, with profit before tax up 34% and MAB’s market share increasing by 20% compared to the same period last year. After a strong start to the year, adviser productivity eased slightly in the run up to the EU referendum. From that point, we saw the usual quieter period in the housing market over the peak summer holiday months. Since the referendum, overall written business volumes have held up well, with industry data indicating that the housing market remains relatively stable.
“House prices continue to grow and a slight softening in the number of house purchases has been partly offset by increased activity in both residential and buy-to-let remortgaging.
“Our focus remains to continue to grow our market share in all market conditions. ”
Current Trading and Outlook
Since the EU referendum, overall MAB written business volumes have held up well and have been encouraging in September, after the usual quieter summer period. However, it is too early to determine how quickly adviser productivity will pick back up. Adviser numbers have increased to 921 as at 23 September 2016. The Board expects the growth in revenue per Adviser to be slightly lower than originally anticipated for the year, whilst Adviser numbers are expected to be ahead of expectations for the year end. Current trading is in line with the Board’s expectations.
To read the MAB interim results in full on their website click here
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