Mortgage Advice Bureau(Holdings)PLC AGM Statement (6212Z)
21 May 2019 - 4:01PM
UK Regulatory
TIDMMAB1
RNS Number : 6212Z
Mortgage Advice Bureau(Holdings)PLC
21 May 2019
21 May 2019
Mortgage Advice Bureau (Holdings) plc
AGM Statement
Mortgage Advice Bureau (Holdings) plc ("MAB" or "the Group"),
one of the UK's leading consumer intermediary brands and specialist
Appointed Representative Networks, will hold its Annual General
Meeting at 2pm today during which the Non-executive Chairman,
Katherine Innes Ker, will make the following statement:
"Adviser numbers have continued to grow since our final results
statement on 19 March 2019 and increased to 1,272 advisers as at 17
May 2019, representing an increase of 5% year to date. We continue
to have good visibility that supports our anticipated growth in
Adviser numbers from new Appointed Representatives ("ARs").
Although some of our existing ARs with direct links to the estate
agency sector continue to pause their expansion plans and delay
filling vacancies as a result of reduced confidence amid political
uncertainty resulting in a somewhat subdued housing market, the
majority of our ARs continue to hold strong growth plans for 2019
and 2020. However, against the backdrop of continuing uncertainty
we have seen housing transactions taking longer to complete in this
financial year to date, impacting the timing of our banked
revenue.
"MAB firmly believes in the appropriateness of advice for the
vast majority of customers who are making very important financial
decisions when buying a home or remortgaging. MAB anticipated and
prepared for the recommendations of the recently published
Consultation Paper from the FCA on their Mortgage Market Study,
which indicated an intent to lower barriers to execution-only
offerings and encourage technological innovations in this
regard.
"Our plans have always been to offer all the choices that
customers would ever want, including execution only, and our
technology solutions are being developed to facilitate the highest
level of choice. Our commitment to customer advice is to simplify
the process significantly and deliver advice however customers
choose, to ensure advice is the natural and obvious choice for all
customers, and for all transaction types regardless of the level of
complexity.
"MAB is focused on delivering sustainable long-term growth and
providing the best possible solutions and outcomes for customers.
Despite a market that continues to face the twin challenges of
political and economic uncertainty, we believe MAB is ideally
positioned to continue increasing its market share, and to focus on
wider Group success and profitability through new opportunities and
broadening our addressable market."
Enquiries:
Mortgage Advice Bureau (Holdings) plc +44 (0)1332 525007
Peter Brodnicki, Chief Executive Officer
Ben Thompson, Managing Director
David Preece, Chief Operating Officer
Lucy Tilley, Finance Director
Nominated Adviser and Broker:
Numis Securities Limited Tel: +44 (0)20 7260 1000
Stephen Westgate / Hugo Rubinstein (Corporate Finance)
Michael Burke (Corporate Broking)
Media Enquiries:
investorrelations@mab.org.uk
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END
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