Mortgage Advice Bureau(Holdings)PLC AGM Statement (8362N)
26 May 2020 - 4:01PM
UK Regulatory
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RNS Number : 8362N
Mortgage Advice Bureau(Holdings)PLC
26 May 2020
26 May 2020
Mortgage Advice Bureau (Holdings) plc
AGM Statement
Mortgage Advice Bureau (Holdings) plc ("MAB"), one of the UK's
leading consumer intermediary brands and specialist Appointed
Representative ("AR") networks, will hold its Annual General
Meeting at 2pm today during which the Non-Executive Chair,
Katherine Innes Ker, will make the following statement:
"Adviser numbers have remained stable since our final results
announcement on 23 April 2020. As at 22 May 2020, our number of
advisers totalled 1,476, including 215 furloughed advisers.
Amid a relaxation of the lockdown announced by the UK
Government, the housing market re-opened in England on 13 May 2020
with new regulations enabling surveyors to undertake physical
valuations and property appraisals and buyers to visit properties
and arrange removals, subject to a new set of safety guidelines.
This signals the start of a gradual recovery of the housing market,
despite some remaining loan to value constraints. Restrictions on
the housing market in Wales, Northern Ireland and Scotland remain
in place but are expected to be lifted shortly.
After a strong first quarter followed by two months of
significant reduction in purchase-related activity under lockdown,
we expect our growth to start resuming progressively as advisers
come out of furlough and purchase related productivity starts to
build.
During this challenging period, our advisers have turned their
focus towards opportunities in the re-mortgage, product transfer
and protection markets. We have prioritised our resources to
support advisers in these areas and ensure the improvements we have
seen as a result are maintained and built upon as purchase
transaction volumes start to recover.
The attitude, hard work and dedication of the MAB team during
this unprecedented time has been exceptional, and as a result MAB's
support for its ARs and their customers is standing out more than
ever in this market.
Over 40 new campaigns and initiatives have been rolled out or
piloted in the last 10 weeks alone, and we have been delighted with
how our AR firms and their advisers have responded. They have
embraced new ways of engaging remotely with customers, making more
of every opportunity as well as ensuring their customers are
properly looked after during these challenging times.
Whilst the outlook will no doubt remain uncertain for some time,
we have already seen increased activity since the re-opening of the
English house purchase market, which we expect will gather pace
over the coming weeks and months.
Additionally, we believe that the new ways of working and
initiatives we have implemented to support our ARs in maximising
lead generation in the re-mortgage, product transfer and protection
markets will strengthen their future performance as well as assist
with new AR recruitment. We therefore remain very positive about
the future."
Enquiries:
Mortgage Advice Bureau (Holdings) plc +44 (0)1332 525007
Peter Brodnicki, Chief Executive Officer
Ben Thompson, Deputy Chief Executive Officer
Lucy Tilley, Chief Financial Officer
Nominated Adviser and Broker:
Numis Securities Limited Tel: +44 (0)20 7260 1000
Stephen Westgate / Hugo Rubinstein (Corporate Finance)
Media Enquiries:
investorrelations@mab.org.uk
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END
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