TIDMMAB1
RNS Number : 8178G
Mortgage Advice Bureau(Holdings)PLC
29 July 2021
29 July 2021
Mortgage Advice Bureau (Holdings) plc
("MAB" or the "Group")
Trading Update
Mortgage Advice Bureau (Holdings) plc (AIM:MAB1) today issues a
trading update for the six months ended 30 June 2021, ahead of
publishing its interim results on 28 September 2021 (1) .
The Group achieved revenue of circa GBP91m for the six months
ended 30 June 2021. This represents a 43% increase on H1 2020
(GBP63m), which was heavily affected by the Covid-19 pandemic, and
a 49% increase compared to H1 2019.
The increase in revenue since H1 2019 is driven by the
combination of a 28% increase in the average number of mainstream
(2) Advisers to 1,584 over the two-year period (H1 2019: 1,242) and
a 17% increase in revenue per mainstream Adviser. At 30 June 2021,
total Adviser numbers had grown to 1,694(3) , an increase of 114
(or 7%) in the first half (31 December 2020: 1,580).
The Group's lead generation capability continues to build
strongly. Significant new lead sources, including most recently a
long-term agreement with one of the UK's leading price comparison
websites, were secured during the period.
MAB also secured a long-term agreement with The Nottingham
Building Society, which includes servicing a fast-growing customer
base of over 50,000 Lifetime ISA online savers through the Beehive
Money app. Helping these future first-time buyers to secure their
first homes will increase MAB's market share in this core sector.
This follows the recently launched commercial relationship with
Moneybox, another example of MAB's early customer capture strategy
and proven ability to integrate with an increasing number of
digital platforms.
This will further strengthen our leading position in the
mortgage intermediary market, especially with first-time buyers and
home movers.
Since the end of the half year, the Group has acquired a 49%
stake in Evolve FS Limited, a leading new build telephone advice
firm based in Ipswich, which adds 35 mainstream Advisers to the
Group. This is another strategically important addition to the MAB
New Homes proposition as the Group looks to achieve an even
stronger market presence in this specialist sector.
At 30 June 2021, the Group maintained a strong balance sheet
with total cash balances of over GBP33m (31 December 2020: GBP33m),
and over GBP18m (31 December 2020: GBP18m) of unrestricted cash
balances.
Current trading is in line with the Board's expectations for the
2021 financial year. Based on the current pace of growth and
momentum in the business, derived from maturing and new growth
drivers, the Group is well-positioned to exceed the Board's
expectations for 2022 and beyond.
Commenting on the half year, current trading and developments,
Peter Brodnicki, Chief Executive Officer, said:
"Despite the UK lockdown and restrictions for much of H1,
activity levels have remained strong and continue to do so, as have
the underlying fundamentals driving sustained consumer demand for
housing and mortgages.
"With restrictions starting to slowly lift from mid-April, we
have now completed most of the recruitment discussions that were
put on hold and therefore expect to see a significant increase in
mainstream Adviser numbers in H2 and moving into 2022, including
the additional mainstream Advisers required to service the new lead
sources MAB continues to secure.
"I am confident the recent developments in lead generation and
continued enhancements to our technology platform put MAB in an
ever-stronger position to accelerate its pace of growth."
(1) The interim dividend in respect of the six months ended 30
June 2021 will be paid on 29 October 2021 and the record date will
be 1 October 2021.
(2) Excludes directly authorised Advisers and Later Life
Advisers.
(3) This includes a total of 52 Advisers who are either directly
authorised Advisers or Later Life Advisers. The directly authorised
Advisers are employees of a firm previously authorised under an
Appointed Representative agreement with MAB until 7 December 2020.
MAB continues to provide services to this firm, which is now
directly authorised by the FCA. For both Later Life Advisers and
directly authorised Advisers the fees received by MAB represent the
net income received by MAB as there are no commission payouts.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain. 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
Stephen Westgate / Hugo Rubinstein / Laura White +44 (0)20 7260
(Corporate Finance) 1000
Media Enquiries:
investorrelations@mab.org.uk
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