Mortgage Advice Bureau(Holdings)PLC Pre-close Trading Update (8291T)

TIDMMAB1

RNS Number : 8291T

Mortgage Advice Bureau(Holdings)PLC

23 July 2015

Mortgage Advice Bureau (Holdings) plc

Pre-close Trading Update

Mortgage Advice Bureau (Holdings) plc (the "Company" and together with its subsidiaries, "Mortgage Advice Bureau", "MAB" or the "Group"), one of the UK's leading consumer mortgage brands and networks for mortgage intermediaries, today issues a pre-close trading update for the six months ended 30 June 2015, ahead of publishing its interim results announcement on Thursday, 24 September 2015.

MAB has continued its ongoing recruitment of Advisers and Appointed Representative firms. The average number of Advisers is a key driver of revenue. The number of Advisers had increased to 722 at 30 June 2015, an increase of 88 since the year end (634 at 31 December 2014). The average number of Advisers in the 12 months to 30 June 2015 was 638, an increase of 109 or 20% on the average number of Advisers in the 12 months to 30 June 2014 of 529.

The Council of Mortgage Lenders recently published their revised estimates for gross mortgage lending of GBP209 billion for 2015 (previously GBP222 billion) and GBP230 billion for 2016 (previously GBP240 billion). MAB welcomes these more realistic figures which show a small increase for 2015 on 2014 gross mortgage lending of GBP203 billion and is encouraged by the estimate for 2016 which reflects the positive trends in the mortgage market.

Activity levels have continued to be high, with Group revenue continuing its upward trend. In the six months to 30 June 2015, MAB generated revenue of GBP31 million, representing a 27% increase over the comparative period in 2014. This strong revenue growth has allowed MAB to absorb ongoing listing costs and increased FSCS levies in the six month period to 30 June 2015. Current trading is in line with the Board's expectations. At 30 June 2015, the Company had a balance sheet cash position of over GBP11.5 million, including over GBP6.9 million of unrestricted cash balances.

Peter Brodnicki, CEO of Mortgage Advice Bureau (Holdings) plc, said:

"I am delighted with the progress we have made post our IPO in November 2014. MAB continues to be an attractive home for ambitious, forward thinking and growing Appointed Representative firms. It is also pleasing to see positive trends in terms of the mortgage and housing markets, new lenders coming to market, and intermediary market share, all contributing to MAB's great deal of optimism for the future."

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 Broker: 
 Canaccord Genuity 
  Martin Green 
  Sunil Duggal                                +44 (0)20 7523 
  Pippa Underwood                              8350 
 Media Enquiries: 
  Instinctif Partners                        +44 (0)20 7866 
  Nick Woods                                  7904 
 Mortgage Advice Bureau Overview 
 
  Mortgage Advice Bureau is one 
  of the UK's leading consumer 
  mortgage brands and networks 
  for mortgage intermediaries 
  with over 120 Appointed Representatives 
  ("ARs") and over 700 Advisers. 
  The vast majority of its Advisers 
  are employed or engaged directly 
  by the Appointed Representatives, 
  although a small number are 
  self-employed and engaged directly 
  by MAB. Many of the ARs trade 
  under the recognised and respected 
  Mortgage Advice Bureau brand 
  through a franchise model operated 
  by the Group. MAB branded mortgage 
  shops also form part of the 
  franchise model. The Group's 
  network specialises in providing 
  independent mortgage advice 
  to customers, as well as advice 
  on protection and general insurance 
  products. Mortgage Advice Bureau 
  is particularly well known in 
  the estate agency sector with 
  circa 900 estate agency branches 
  introducing their customers 
  to the Group's ARs across the 
  UK. The Group has also sought 
  to diversify in other specialist 
  sectors, including the new build 
  market through its New Build 
  Network.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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