Mortgage Advice Bureau(Holdings)PLC Pre-close Trading Update (8039V)
26 Juillet 2018 - 8:02AM
UK Regulatory
TIDMMAB1
RNS Number : 8039V
Mortgage Advice Bureau(Holdings)PLC
26 July 2018
26 July 2018
Mortgage Advice Bureau (Holdings) plc ("MAB" or the "Group")
Pre-close Trading Update
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 2018, ahead of publishing its
interim results announcement on Tuesday, 25 September 2018 (1)
.
Revenue for the six months ended 30 June 2018 increased by 16%
to GBP57m driven primarily by a 13% increase in the average number
of Advisers to 1,103 over the period (six months ended 30 June
2017: 974). The total number of Advisers had increased to 1,138 at
30 June 2018, an increase of 60 or 6% since last year end (1,078 at
31 December 2017). As previously reported on 16 May 2018, organic
recruitment has been in line with the Board's expectations and we
expect new business recruitment to be weighted again to the second
half of the year.
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. At 30 June 2018, the Group had a strong
balance sheet with a cash position of over GBP22m, including over
GBP12m of unrestricted cash balances.
We are confident that our strategy, driven by our customers'
future direction of travel, will continue to drive growth in MAB's
market share year on year and deliver attractive returns to
investors.
(1) The interim dividend in respect of the six months ended 30
June 2018 will be paid on 26 October 2018 and the record date is 5
October 2018.
(2) The average number of Advisers in the twelve months ended 30
June 2018 was 1,072 (2017: 950).
Peter Brodnicki, CEO of Mortgage Advice Bureau (Holdings) plc,
said:
"I am delighted to report another strong performance in the
first half of 2018. Housing transactions have reduced slightly
compared to the equivalent period last year, but overall activity
in the mortgage market has increased due to product switch
activity, remortgaging and first time buyers. Although product
switches carry the lowest overall margin, it is in this area we
have seen the most significant level of growth.
"Against this backdrop, I remain confident of delivering our
growth plans in line with our strategy."
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 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
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END
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