Mortgage Advice Bureau(Holdings)PLC Trading Update (6986N)
22 Janvier 2019 - 8:00AM
UK Regulatory
TIDMMAB1
RNS Number : 6986N
Mortgage Advice Bureau(Holdings)PLC
22 January 2019
22 January 2019
Mortgage Advice Bureau (Holdings) plc ("MAB" or the "Group")
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 trading update for the year
ended 31 December 2018, ahead of publishing its final results
announcement on Tuesday, 19 March 2019(1) .
Revenue for the year ended 31 December 2018 increased by 13% to
GBP123m driven by a 12% increase in the average number of Advisers
to 1,130 in the year ended 31 December 2018 (2017: 1,008). The
total number of Advisers had increased to 1,213 at 31 December
2018, an increase of 135 or 13% since last year end (2017: 1,078).
For 2018 as a whole, we saw an increase in average revenue per
adviser of 1%, continuing our growth in productivity despite the
ongoing economic uncertainty driven by the Brexit agenda and a
reduction in housing transactions overall.
The Group's profit before tax for the year ended 31 December
2018 is broadly in line with the Board's expectations. At 31
December 2018, the Group had a strong balance sheet with a cash
position of over GBP25m, including over GBP13m of unrestricted cash
balances.
Although UK Finance has not recently updated its estimates for
gross new mortgage lending for 2018 and 2019, the current
information and run rates broadly support their previous estimates
of GBP260bn and GBP271bn for 2018 and 2019 respectively, indicating
that the market is likely to be relatively flat in the near term.
These figures exclude Product Transfers, and it has only been over
the last year or so that the large lenders have engaged
intermediaries to help them to retain their existing mortgage
borrowers through product transfers, with intermediaries continuing
to grow their share of this market. UK Finance has recently revised
its original estimates for the size of the product transfer market,
indicating an annual market size of c. GBP140bn.
(1) It is expected that a proposed final dividend in respect of
the year ended 31 December 2018 will be paid on 24 May 2019 to
shareholders on the register at close of business on 26 April
2019.
Peter Brodnicki, CEO of Mortgage Advice Bureau (Holdings) plc,
said:
"MAB has delivered another strong performance despite the
uncertainty caused by the ongoing Brexit negotiations. We continue
to grow our market share and invest in accordance with our very
clear strategy to ensure continued and sustainable growth.
"We are looking forward to capitalising upon our recent
protection initiatives to increase performance whilst also
delivering the initial phase of our next generation MIDAS
technology in the first half of this year. Both of these
initiatives are already proving to be important recruitment drivers
for Appointed Representatives, advisers and lead sources. This
initial phase and further releases across 2019 and 2020 will
benefit MAB advisers and customers, through improvements in
efficiency, productivity, lead generation, product offering and
customer experience. We are excited about how delivering this will
help us to attract more advisers and customers into MAB, assisting
our future growth plans."
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, Managing Director
David Preece, Chief Operating Officer
Lucy Tilley, Finance Director
Nominated Adviser and Broker: +44 (0)20 7260 1000
Numis Securities Limited
Stephen Westgate / Jamie Lillywhite (Corporate Finance)
Michael Burke (Corporate Broking)
Media Enquiries:
investorrelations@mab.org.uk
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END
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