Mortgage Advice Bureau(Holdings)PLC Pre-close Trading Update (9489L)
25 July 2017 - 4:00PM
UK Regulatory
TIDMMAB1
RNS Number : 9489L
Mortgage Advice Bureau(Holdings)PLC
25 July 2017
25 July 2017
Mortgage Advice Bureau (Holdings) plc ("MAB" or the "Group")
Pre-close Trading Update
This announcement contains inside information.
Mortgage Advice Bureau (Holdings) plc (AIM: MAB1), one of the
UK's leading consumer intermediary brands and specialist Appointed
Representative Networks, today issues a pre-close trading update
for the six months ended 30 June 2017, ahead of publishing its
interim results announcement on Tuesday, 26 September 2017(1) .
Revenue for the six months ended 30 June 2017 increased by 15%
to GBP49 million driven by a 14% increase in the average number of
Advisers to 974 over the period(2) . The total number of Advisers
had increased to 1,008 at 30 June 2017, an increase of 58 or 6%
since last year end (950 at 31 December 2016). As previously
reported on 24 May 2017, organic recruitment has been in line with
the Board's expectations and we expect new business recruitment to
be weighted to the second half of the year. At 30 June 2017, the
Group had a strong balance sheet with a cash position of GBP19
million, including GBP11 million of unrestricted cash balances.
In H1 2016 average revenue per Adviser increased by 9% compared
to H1 2015 due to the spike in Buy-To-Let applications resulting
from the impending stamp duty changes in April 2016. Against this
backdrop we have seen modest growth in productivity in the six
months ended 30 June 2017 and we expect this to continue. Current
trading is in line with the Board's expectations and the Board
looks forward to delivering further growth in the remainder of this
financial year.
(1) The interim dividend in respect of the six months ended 30
June 2017 will be paid on 27 October 2017 and the record date is 6
October 2017.
(2) The average number of Advisers in the twelve months ended 30
June 2017 was 950 (2016: 811).
Peter Brodnicki, CEO of Mortgage Advice Bureau (Holdings) plc,
said:
"Activity overall in the housing market has remained steady and
was not unduly affected by the election in early June. There are
some signs of softening home mover activity. However, for most of
those moving home currently, it is not a discretionary decision,
with lifestyle factors causing them to need to move. The
remortgaging market both for residential and buy-to-let remains
steady.
"We continue to enjoy a strong financial position and are
focussed on our market share growth. Our technology developments
are progressing well and will help drive our future market share
growth and further strengthen MAB's overall market position in 2018
and beyond."
Enquiries:
Mortgage Advice Bureau (Holdings) plc +44 (0)1332 525007
Peter Brodnicki, Chief Executive Officer
David Preece, Chief Operating Officer
Lucy Tilley, Finance Director
Nominated Adviser and Joint Broker:
Zeus Capital +44 (0)20 3829 5000
Martin Green
Nicholas How
Pippa Underwood
Joint Broker:
Canaccord Genuity +44 (0)20 7523 8350
Andrew Buchanan
Richard Andrews
Media Enquiries:
investorrelations@mab.org.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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