TIDMMAB1
RNS Number : 1340N
Mortgage Advice Bureau(Holdings)PLC
28 September 2021
MORTGAGE ADVICE BUREAU (HOLDINGS) PLC
("MAB" or "the Group")
28 September 2021
Interim Results for the six months ended 30 June 2021
Mortgage Advice Bureau (Holdings) Plc (AIM: MAB1.L) is pleased
to announce its interim results for the six months ended 30 June
2021.
Financial highlights
H1 2021 H1 2020 H1 2019 Change Change
vs 2020 vs 2019
Revenue GBP92.4m GBP63.5m GBP60.9m +46% +52%
--------- --------- --------- ---------- ---------
Gross profit GBP24.6m GBP17.2m GBP14.2m +43% +74%
--------- --------- --------- ---------- ---------
Gross profit margin 26.7% 27.2% 23.3% -0.5pp(1) +3.4pp
--------- --------- --------- ---------- ---------
Adjusted overheads
ratio(2) 14.8% 14.9% 11.2% -0.1pp +3.6pp
--------- --------- --------- ---------- ---------
Adjusted profit before
tax(3) GBP11.6m GBP7.9m GBP7.4m +47% +56%
--------- --------- --------- ---------- ---------
Statutory profit before
tax GBP10.8m GBP6.1m GBP7.2m +77% +50%
--------- --------- --------- ---------- ---------
Adjusted profit before
tax margin(3) 12.5% 12.4% 12.2% +0.1pp +0.3pp
--------- --------- --------- ---------- ---------
Adjusted profit before
tax as a percentage
of net revenue(4) 41% 39% 49% +2pp -8pp
--------- --------- --------- ---------- ---------
Reported profit before
tax margin 11.7% 9.6% 11.8% +2.1pp -0.1pp
--------- --------- --------- ---------- ---------
Adjusted(3) EPS 17.9p 13.2p 12.3p +36% +46%
--------- --------- --------- ---------- ---------
Basic EPS 16.5p 10.1p 11.9p +63% +38%
--------- --------- --------- ---------- ---------
Operating profit to
adjusted cash conversion(5) 120% 97% 99% +23pp +21pp
--------- --------- --------- ---------- ---------
Interim dividend(6) 13.4p Nil 11.1p - +21%
--------- --------- --------- ---------- ---------
Operational highlights
-- Adviser numbers up 7% to 1,694(7) at 30 June 2021 (31
December 2020: 1,580)
-- Average number of mainstream advisers(8) up 13% to 1,584
(H1 2020: 1,396)
-- Revenue per mainstream adviser up 28%(9)
-- Gross mortgage completions (including product transfers)
up 48% to GBP11.0bn (H1 2020: GBP7.5bn)
-- Gross new mortgage completions (excluding product transfers)
up 50% to GBP9.6bn (H1 2020: GBP6.4bn)
-- Market share of new mortgage lending at 6.0%(10) (H1
2020: 5.9%)
-- Proportion of revenue from refinancing at 24% (H1 2020:
38%)
-- Acquisition of a 25% stake in M & R FM Ltd by First Mortgage
Direct Ltd
-- Investment in, and strategic relationship with, Boomin,
the next generation property portal
-- Commercial agreements with Boomin, The Nottingham Building
Society and Moneybox represent significant progress in
lead generation and early customer capture strategy
Post period end
-- Adviser numbers increased to 1,800(7) at 24 September
2021
-- Acquisition of a 49% stake in Evolve FS Ltd ("Evolve"),
a leading specialist new build mortgage broker
-- Moneysupermarket.com secured as major new lead source
in our fast-growing lead generation capability
Peter Brodnicki, Chief Executive, commented:
"I am delighted to report a strong set of results where we
achieved revenue growth of 46% to GBP92.4m, and adjusted EPS growth
of 36% to 17.9p. Our mortgage completions increased by 48% in a
favourable market fuelled by strong customer demand as well as the
stamp duty holiday. Accordingly, the Board is pleased to declare an
interim dividend of 13.4p per share.
"Our strategic progress has been excellent during the period, in
particular with regards to our lead generation initiatives. We have
secured significant new lead sources, including a long-term
agreement with Moneysupermarket. We also achieved a 7% growth in
adviser numbers to 1,694 despite the delay in recruitment pipeline
conversion due to the UK lockdown and restrictions for much of H1.
We expect to see a significant increase in adviser numbers in H2
and moving into 2022.
"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 the pace of its growth."
Current Trading and Outlook
Whilst the start of the second half of the year saw the expected
softening in activity compared to H1 2021 following the tapering
down of the stamp duty holiday, the underlying fundamentals driving
levels of consumer demand for housing and mortgage products remain
strong. Current trading is in line with the Board's expectations
for the 2021 financial year.
With the current pace of growth and momentum in the business,
derived from maturing and new growth drivers, the Group is
well-positioned to meet the Board's recently revised expectations
for 2022 and beyond.
For further information please contact:
Mortgage Advice Bureau (Holdings) Plc Tel: +44 (0) 1332 525007
Peter Brodnicki - Chief Executive Officer
Ben Thompson - Deputy Chief Executive Officer
Lucy Tilley - Chief Financial Officer
Numis Securities Limited Tel: +44 (0)20 7260 1000
Stephen Westgate / Hugo Rubinstein / Laura White
Media Enquiries: investor.relations@mab.org.uk
Analyst presentation
There will be an analyst presentation to discuss the results at
9:30am today.
Those analysts wishing to attend are asked to contact
investor.relations@mab.org.uk
Copies of this interim results announcement are available at
www.mortgageadvicebureau.com/investor-relations
(1) Percentage points.
(2) MAB uses adjusted results as key performance indicators as
the Directors believe that these provide a more consistent measure
of operating performance by adjusting for acquisition related
charges and significant one-off or non-cash items. Adjusted
overheads ratio is stated before GBP0.2m amortisation of acquired
intangibles in H1 2020 and H1 2021 and GBP0.6m of additional
non-cash operating expenses relating to the put and call option
agreement to acquire the remaining 20% of First Mortgage in H1 2021
(H1 2020: GBP0.4m). In H1 2019, adjusted overheads ratio is stated
before GBP0.2m of costs associated with the acquisition of First
Mortgage.
(3) Adjusted profit before tax is stated before the items in (2)
above and the loan write off and loan provision totalling GBP1.7m
and GBP0.5m of Government grant income (net GBP1.2m) in H1 2020.
Adjusted earnings per share is stated before the items in (2) above
and the loan write off and loan provision totalling GBP1.7m and
GBP0.5m of Government grant income (net GBP1.2m) in H1 2020, net of
any associated tax effects.
(4) Net revenue is revenue less commissions paid. MAB acquired
First Mortgage in H2 2019. As the Group retains 100% of revenue for
First Mortgage, this calculation is rebased thereafter.
(5) Adjusted cash conversion is cash generated from operating
activities adjusted for movements in non-trading items, including
loans to AR firms and associates totalling GBP(0.9)m in H1 2021 (H1
2020: GBP0.3m; H1 2019: GBP1.6m), GBP(0.2)m of Government grant
income received in H1 2020, and increases in restricted cash
balances of GBP 1.2m in H1 2021 (H1 2020: GBP0.3m; H1 2019:
GBP1.0m), as a percentage of adjusted operating profit.
(6) Payout ratio of 75% of adjusted profit after tax post
minority interests in H1 2021 (H1 2019: 90%).
(7) Includes a total of 52 advisers at 30 June 2021 and 53
advisers at 24 September 2021 who are either directly authorised 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 and directly authorised advisers the fees
received by MAB represent the net income received by MAB as there
are no commission payouts made by MAB. The 24 September 2021 number
also includes 46 advisers from associates, who are in the process
of being onboarded under MAB's AR arrangements. These advisers will
shortly become mainstream advisers. Until these 46 advisers become
onboarded fully as mainstream advisers, MAB currently only
recognises its share of profit after tax from these associates.
(8) Excludes directly authorised advisers, later life advisers,
and advisers from associates in the process of being onboarded
under MAB's AR arrangements. In H1 2020 advisers on furlough were
not included.
(9) Based on average number of mainstream advisers.
(10) Market share for the seven months ended 31 July 2021 due to
the distortion effect around 30 June 2021 with the tapering of the
stamp duty holiday thereafter.
Chief Executive's Review
I am very pleased with MAB's performance in the first half of
this financial year. The Group achieved revenue of GBP92.4m for the
period, a 46% increase on H1 2020 (GBP63.5m), which was heavily
affected by the Covid-19 pandemic, and a 52% increase compared to
H1 2019. The Group's adjusted PBT rose 47% to GBP11.6m compared to
H1 2020 (GBP7.9m) and 56% compared to H1 2019 (GBP7.4m).
Our growth in mortgage completions is set out below:
H1 2021 H1 2020 H1 2019 Increase Increase
GBPbn GBPbn GBPbn vs 2020 vs 2019
-------- -------- -------- --------- ---------
New mortgage
lending 9.6 6.4 6.3 +50% +52%
-------- -------- -------- --------- ---------
Product Transfers 1.4 1.1 0.6 +27% +133%
-------- -------- -------- --------- ---------
Gross mortgage
lending 11.0 7.5 6.9 +48% +59%
-------- -------- -------- --------- ---------
Despite the Government-imposed restrictions and national
lockdown that lasted for much of the first half, housing market
activity was fuelled by strong consumer demand following the
re-opening of the housing market last year as well as the stamp
duty holiday. The Group achieved record levels of mortgage
applications and completions per adviser during the period.
UK gross new mortgage lending activity (excluding product
transfers) in H1 2021 rose by 58% to GBP169.9bn compared to H1
2020, which was heavily affected by the closure of the housing
market in Q2 2020, and by 34% compared to H1 2019. The increase in
home-mover activity was particularly pronounced, largely driven by
changing working and living patterns. The 30 June 2021 stamp duty
holiday deadline in England, Wales and Northern Ireland generated
record completion activity levels in June 2021.
Our gross mortgage completions (including product transfers)
rose to GBP11.0bn, a 48% increase compared to H1 2020, and a 59%
increase compared to H1 2019. Our market share of UK new mortgage
lending was broadly flat for the period, rising slightly to 6.0%
for the first seven months of the year (H1 2020: 5.9%, H1 2019:
5.0%).
Adviser numbers grew by 7% to 1,694 during the period. With
restrictions starting to slowly lift from mid-April 2021, most of
the recruitment discussions that were paused because of the
lockdown and social restrictions have now completed. We expect to
see a significant increase in adviser numbers in H2 2021 that will
extend into 2022.
During the period, we achieved excellent progress on our
strategic initiatives. Our lead generation capability continues to
build strongly, and significant new lead sources, including most
recently a long-term agreement with Moneysupermarket.com Ltd, were
secured during the period. These developments, together with the
continued enhancements to our technology platform, will further
strengthen our leading position in the mortgage intermediary
market.
Since the end of the half year, the Group has acquired a 49%
stake in Evolve FS Limited, a leading 32 adviser new build
telephone advice firm based in Ipswich. 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.
Delivering our growth strategy
Recruitment of advisers
The recruitment of new advisers progressed well despite being
hampered by the UK lockdown and restrictions for much of H1. By 30
June 2021, the Group's adviser numbers had risen to 1,694(1) , a 7%
increase compared to 31 December 2020 (1,580).
With restrictions having been gradually lifted from mid-April
2021, face-to-face meetings that had temporarily been put on hold
quickly resumed through the remainder of Q2. The current pipeline
of ARs and advisers is very strong, and we expect to see a
significant increase in adviser numbers throughout the remainder of
2021 and into 2022. On 24 September 2021, adviser numbers had grown
to 1,800, a 14% increase compared to 31 December 2020.
Lead generation
Lead generation is a key area of focus for MAB, which combined
with technology developments will become an ever more significant
driver of adviser growth and productivity, as well as AR
recruitment and adviser retention.
During the period MAB secured a range of high calibre new lead
sources. Under the new long-term relationship with The Nottingham
Building Society, MAB is 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.
During the period, we entered into a strategic relationship
with, and invested in, Boomin, the next generation property portal.
Boomin differentiates itself with many unique features that appeal
to aspiring first time buyers and home movers, but also to the much
larger audience of currently passive customers who are at an
earlier stage of their home buying journey. MAB will provide
mortgage services across various parts of the Boomin portal, with
the opportunity to engage and nurture passive consumers in a
meaningful way as they move to becoming active buyers.
This week, MAB will also launch its new relationship with
Moneysupermarket.com Ltd, the leading UK price comparison site.
Under this new long-term agreement, the Group will help its ARs to
provide mortgages to the many first-time buyers and home-movers
that Moneysupermarket attracts. This is another significant
development in our lead generation strategy.
As customers adapt their ways of researching and buying mortgage
products and services, MAB intends to be at the forefront of this
change and increasingly drive a meaningful flow of quality leads
through AR firms, thereby ensuring both their and the Group's
future growth and success. We are pleased with the progress
achieved to date and expect this area to continue to gain
significant momentum.
Technology
The development of our technology platform continues at pace.
MAB has built new foundations and functionality for lead generation
into its platform that assists customer engagement, including
helping a large number of potential future customers who are
currently in the early research phase of buying a home and
therefore not yet ready to receive advice. Early customer capture
and nurture is a central pillar of our lead generation strategy,
allowing MAB to significantly widen the number and variety of lead
sources to help ensure increasingly more secure and consistent lead
flow to MAB advisers regardless of market conditions. The
technology encompasses everything required from initial engagement
with a customer, through to helping them to become purchase and
advice ready, and lead distribution and management across the MAB
network.
The significant and increased investment in the development of
our platform will continue over the remainder of this year and
throughout next year, enabling MAB to further its competitive
advantage.
Broadening our addressable market
Using our technology developments to proactively engage and help
an increasing number of aspiring first time buyers, especially
those in an early research phase, enables MAB to broaden its
addressable market and therefore its market share of this
sector.
This strategy has helped form new lead generation relationships
with Lifetime ISA savings platforms such as Beehive and Moneybox,
that provide MAB with access to large numbers of future first time
buyers who are using these apps to help save for their deposit.
Further foundations for success in this area will come from
strategic relationships such as Boomin, whose strategy includes
proactively engaging with and adding value to the broad audience of
visitors that are at various stages of their research process
including first time buyers.
Investment strategy
We continue to make strategic investments in new distribution
partners or to enhance our specialism in key markets. In H1 2021,
we entered into a strategic relationship with, and invested GBP2.5m
in, Boomin, the next generation property portal. This is a
significant development in our lead generation capability which
will enable us to reach a very broad audience of consumers across
the spectrum from early stage customers to active buyers.
In July 2021, the Group acquired a 49% stake in Evolve FS Ltd, a
32 adviser, leading new build telephone advice firm based in
Ipswich. This is another important addition to the MAB New Homes
proposition, and follows last year's investment in new build
specialist firm Meridian Holdings Group Ltd, which went on to
acquire shared-ownership broker Metro Finance Brokers Ltd. During
the period, our subsidiary First Mortgage Direct Ltd also acquired
a 25% stake in M & R FM Ltd, a fast-growing broker based in
Gateshead that had previously been operating under the First
Mortgage franchise.
We are pleased with the overall performance of our portfolio of
investments. Their share of profit, net of tax, amounted to over
GBP0.7m during the first half of the year (H1 2020: GBP0.1m). This
is a very good result and the start of what we believe will be a
positive trend. We are confident in our strategy of investing in
high quality distribution, as well as in other key strategic areas,
and expect the contribution from our investments to continue to
increase.
Summary
MAB has performed strongly in a period that saw high demand for
property and mortgages. The lockdown impacted new AR recruitment
for the first four months of the year, but activity resumed
immediately when restrictions were lifted, and as a result we
expect to finish the year strongly, with that accelerated growth
expected to continue into next year.
Adviser growth and productivity will be boosted moving forward
by securing major and strategically important lead sources.
Significant progress has already been made this year thanks to
MAB's unique distribution model, our technology developments in
customer capture, nurture, and distribution, and the strength of
our consumer brand.
Great progress has also been seen in terms of our investments,
with those now maturing starting to contribute to our profit
growth. More recent investments will be making an immediate
contribution, and will form a key part of our growth plans.
Although the current housing market activity has understandably
softened in H2, underlying demand remains strong and market
conditions are forecast to remain healthy and stable, which enables
our AR firms to plan their growth with more certainty.
(1) Includes a total of 52 advisers who are either directly
authorised 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 and directly authorised
advisers the fees received by MAB represent the net income received
by MAB as there are no commission payouts made by MAB.
Market review
Strong consumer demand coupled with the stamp duty holiday
generated a surge in the housing market and stimulated the demand
for mortgages during the period. The increase in home-mover
activity was particularly pronounced, largely driven by changing
working and living patterns.
Overall, gross new mortgage lending activity (excluding product
transfers) in H1 2021 rose by 58% to GBP169.9bn compared to H1
2020, which was heavily affected by the closure of the housing
market in Q2 2020, and 34% compared to H1 2019. UK housing
transactions increased by 103% and 52% versus the comparative
periods in 2020 and 2019 respectively, as illustrated in the graph
below. The 30 June 2021 stamp duty holiday deadline generated
record activity levels in June 2021.
http://www.rns-pdf.londonstockexchange.com/rns/1340N_1-2021-9-27.pdf
Source: HM Revenue and Customs
At the same time as the surge in home-mover activity, buy-to-let
purchase lending values also saw significant growth of 140% and
106% compared to H1 2020 and H1 2019 respectively, with the stamp
duty holiday providing a compelling stimulus in that segment. The
demand from first time buyers was also strong, with mortgage
lending increasing by 95% and 52% compared to H1 2020 and H1 2019
respectively in that segment.
Re-financing activity remained steady, driven by product
transfers. Product transfer lending values increased by 8% and 13%
compared to H1 2020 and H1 2019 respectively. External
re-mortgaging lending values decreased by 15% and 21% compared to
H1 2020 and H1 2019, as lenders and intermediaries applied maximum
focus towards the exceptionally busy housing market. The increase
in average house prices in H1 2021 was 10% compared to H1 2020 and
12% compared to H1 2019, although house price increases did not
fully feed through to higher average new mortgage values due to the
lack of availability of high loan to value mortgages through much
of this period.
The trends in gross new mortgage lending are illustrated in the
graph below.
http://www.rns-pdf.londonstockexchange.com/rns/1340N_2-2021-9-27.pdf
Source: UK Finance
Approximately 79% of UK residential mortgage transactions
(excluding buy to let, where intermediaries have a higher market
share, and product transfers where intermediaries have a lower
market share) were via intermediaries in H1 2021 (H1 2020: 79%).
MAB expects this position to remain broadly stable in the near
term.
We are confident that the underlying fundamentals of consumer
demand for housing and mortgages remain strong and will continue to
drive sustained transaction activity in the mortgage market.
(1) Land Registry House Price Index
Financial review
We measure the development, performance, and position of our
business against several key indicators.
http://www.rns-pdf.londonstockexchange.com/rns/1340N_3-2021-9-27.pdf
Revenue
The Group achieved revenue of GBP92.4m for the six months ended
30 June 2021. This represents a 46% increase on H1 2020 (GBP63.5m),
and a 52% 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 advisers(1) to 1,584 over the two-year
period (H1 2019: 1,242) and a 19% increase in revenue per
mainstream adviser.
The Group continued to generate revenue from three core areas,
summarised as follows:
Group
Income source H1 H1 2020 H1 Change Change
2021 2019 vs 2020 vs 2019
------ -------- ------ --------- ---------
GBPm GBPm GBPm % %
------ -------- ------ --------- ---------
Mortgage Procuration Fees 42.7 27.6 26.7 +55 +60
------ -------- ------ --------- ---------
Protection and General Insurance
Commission 35.8 26.3 23.6 +36 +52
------ -------- ------ --------- ---------
Client Fees 11.6 8.1 9.7 +43 +20
------ -------- ------ --------- ---------
Other Income 2.3 1.5 0.9 +56 +155
------ -------- ------ --------- ---------
Total 92.4 63.5 60.9 +46 +52
------ -------- ------ --------- ---------
All key income sources continued to grow strongly, with the
average number of mainstream active advisers in the period
increasing by 13% on last year.
During the period, MAB's banked mortgage mix saw a higher
proportion of purchase business compared to the prior year, and
versus H1 2019. Strong underlying demand, heightened by the
impending stamp duty changes on 1 July 2021, were in marked
contrast to the prior year, when the first national lockdown
severely restricted the completion of purchase transactions in that
period. Mortgage procuration fees increased by 55% with gross
mortgage completions increasing by 48%. MAB's average mortgage size
increased by 8% compared to prior year, driven by the increase in
house prices in the period. However, the average mortgage in the
period did not rise at an equivalent level to house price growth
due to the lack of availability of high loan to value mortgages
through much of this period.
The comparatively lower increase of 36% in protection and
general insurance commission for the Group mainly reflects the
faster banking profile of protection income that we saw in the
unusual prior period. As expected, we are seeing this normalise
through 2021.
Client fees increased by 43% in the period with gross mortgage
completions increasing by 48%; client fees typically bank in a
shorter timeframe compared to other income sources.
MAB's overall revenue from refinancing (including both
re-mortgages and product transfers) represented circa 24% (H1 2020:
38%, H1 2019: 32%) of total revenue for the period with a
particularly high level of purchase transactions completing in H1
2021.
MAB's revenue, in terms of proportion, is split as follows:
Income source H1 2021 H1 2020 H1 2019
Mortgage Procuration Fees 46% 44% 44%
-------- -------- --------
Protection and General Insurance
Commission 39% 41% 39%
-------- -------- --------
Client Fees 13% 13% 16%
-------- -------- --------
Other Income 2% 2% 1%
-------- -------- --------
Total 100% 100% 100%
-------- -------- --------
The slight comparative increase in the proportion of mortgage
procuration fees reflects the run up to the stamp duty deadline. We
expect client fees to become increasingly dependent upon the type
and complexity of the mortgage transaction, as well as the delivery
channel. This will lead to a broader spread of client fees on
mortgage transactions, which, by their nature, are our lowest
margin revenue stream.
Government grant income
No government grant income was received during H1 2021. During
H1 2020, Government grant income of GBP0.5m was received due to
some employees being placed on furlough during the months of April,
May, and June 2020. These amounts were repaid in full in December
2020.
Gross profit margin
Gross profit margin for the period was 26.7% (H1 2020: 27.2%), a
slight reduction on the prior year due to the skew towards higher
margin protection income in the comparative period as a direct
result of actions the Group took during the first national
lockdown. The Group typically receives a slightly reduced margin
(revenue share) as its existing ARs grow their revenue organically
through increasing their adviser numbers. In addition, larger new
ARs typically join the Group on lower-than-average margins due to
their existing scale, hence we expect to see a degree of erosion of
our underlying gross profit margin due to the continued growth of
our existing ARs and the addition of new larger ARs.
Overheads
Overheads in the period increased by GBP4.4m to GBP14.4m
compared to prior year, mainly because of the salary cuts
implemented in Q2 2020 as the pandemic escalated, but also
increased IT costs and bonuses accrued in H1 2021 (in H1 2020 only
adviser bonuses were accrued). MAB has been investing in its
technology platform and its marketing team to drive lead generation
opportunities as it continues to extend its business model. All
development work on our technology platform is expensed.
Overheads as a percentage of revenue, before GBP0.2m (H1 2020:
GBP0.2m) of amortisation of acquired intangibles and GBP0.6m (H1
2020: GBP0.4m) of additional non-cash operating expenses relating
to the put and call option agreement to acquire the remaining 20%
of First Mortgage, were 14.8% (H1 2020: 14.9%).
Our FCA and FSCS regulatory fees and charges are usually closely
correlated to growth in revenue. MAB expects its FSCS levy cost for
the period from 1 April 2021 to 31 March 2022 to now be c.GBP1m
higher than in the prior year.
MAB continues to benefit from the scalable nature of most of its
cost base, where those costs typically rise at a slower rate than
revenue, which will, in part, counter the expected erosion of MAB's
underlying gross margin as the business continues to grow.
Associates and investments
MAB's share of profits from associates was GBP0.7m (H1 2020:
GBP0.1m) with the majority of the Group's associates performing
strongly during the period. In addition, we realised our minority
investment in the sales progression platform Yourkeys Technology
Ltd and further impaired the value of the investment in The
Mortgage Broker Group Limited by GBP0.4m.
MAB considers the value of a number of these investments exceeds
their balance sheet value as accounted for using the equity
accounting method under IAS 28.
Profit before tax and margin thereon
Adjusted(2) profit before tax rose by 47% to GBP11.6m (H1 2020:
GBP7.9m), with the margin thereon broadly stable at 12.5% (H1 2020:
12.4%). Statutory profit before tax rose by 77% to GBP10.8m (H1
2020: GBP6.1m) with the margin thereon being 11.7% (H1 2020:
9.6%).
Adjusted(2) profit before tax as a percentage of net revenue(3)
was 41% (H1 2020: 39%).
Finance revenue
Finance income of GBP0.03m (H1 2020: GBP0.08m) reflects
continued low interest rates and interest income accrued or
received on loans to associates. Finance expense of GBP0.07m (H1
2020: GBP0.12m) reflects the non-utilisation fee payable on MAB's
Revolving Credit Facility of GBP12m, which was repaid in December
2020, and interest expense on lease liabilities.
Taxation
The effective rate of tax increased to 16.8% (H1 2020: 12.4%),
as the prior year saw a lower effective rate principally due to the
higher tax deduction arising from the exercise of employee and
Appointed Representative share options than in the current period.
We expect our effective tax rate to continue to be marginally below
the prevailing UK corporation tax rate, subject to tax credits for
MAB's research and development expenditure on the continued
development of MIDAS Platform, MAB's proprietary software, still
being available and further tax deductions arising from the
exercise of employee share options.
Earnings per share and dividend
Adjusted(2) earnings per share rose by 36% to 17.9 pence (H1
2020: 13.2 pence). Basic earnings per share increased by 63% to
16.5 pence (H1 2020: 10.1 pence).
The Board is pleased to confirm an interim dividend for the year
ending 31 December 2021 of 13.4 pence per share (H1 2020: nil pence
per share), amounting to a cash outlay of GBP7.1m. Due to the
uncertainty arising from the pandemic, the Board did not pay an
interim dividend relating to H1 2020 in the year ending 31 December
2020. Following payment of the dividend, the Group will continue to
maintain significant surplus regulatory reserves. This interim
dividend represents circa 75% of the Group's post-tax adjusted
profits for H1 2021. MAB requires circa 10% of its profit after tax
to fund increased regulatory capital and other regular capital
expenditure.
The record date for the interim dividend is 1 October 2021 and
the payment date is 29 October 2021. The ex-dividend date will be
30 September 2021.
Cash flow and cash conversion
The Group's operations produce positive cash flow. This is
reflected in the net cash generated from operating activities of
GBP14.7m (H1 2020: GBP5.9m).
Headline cash conversion(4) was:
H1 2021 130%
H1 2020 101%
------------
Adjusted cash conversion(5) was:
H1 2021 120%
------------
H1 2020 97%
------------
The Group's operations are capital-light with the most
significant ongoing capital investment being in computer equipment.
Only GBP0.1m of capital expenditure on office and computer
equipment was required during the period (H1 2020: GBP0.2m). Group
policy is not to provide company cars, and no other significant
capital expenditure is foreseen in the coming year.
The Group had no bank borrowings at 30 June 2021 (31 December
2020: GBPnil). The Group had unrestricted bank balances of GBP18.3m
at 30 June 2021 (31 December 2020: GBP18.6m).
The Group has a regulatory capital requirement amounting to 2.5%
of regulated revenue. At 30 June 2021 this regulatory capital
requirement was GBP4.2m (31 December 2020: GBP3.4m), with the Group
having a surplus of GBP15.9m.
The following table demonstrates how cash generated by the Group
was applied:
GBPm
Unrestricted bank balances at the beginning of the year 18.6
Cash generated from operating activities excluding movements in restricted balances and dividends
received from associates 14.3
Dividends received from associates 0.1
Dividends paid (10.5)
Tax paid (0.9)
Investment in associates (0.8)
Disposal of unlisted investment 0.3
Acquisition of unlisted investment (2.5)
Net interest paid and principal element of lease payments (0.2)
Capital expenditure (0.1)
Unrestricted bank balances at the end of the period 18.3
-------------------------------------------------------------------------------------------------- ------
(1) Excludes directly authorised advisers, later life advisers,
and advisers from associates in the process of being onboarded
under MAB's AR arrangements.
(2) In H1 2021 and H1 2020 adjusted for GBP0.2m amortisation of
acquired intangibles. In H1 2021, adjusted for GBP0.6m of
additional non-cash operating expenses relating to the put and call
option agreement to acquire the remaining 20% of First Mortgage (H1
2020: GBP0.4m). In H1 2020 also adjusted for the loan write off and
loan provision totalling GBP1.7m, and GBP0.5m of Government grant
income (resulting in a GBP1.2m net adjustment in H1 2020).
(3) Net revenue is revenue less commissions paid.
(4) Headline cash conversion is cash generated from operating
activities adjusted for movements in non-trading items, including
loans to AR firms and associates totalling GBP(0.9)m in H1 2021 (H1
2020: GBP0.3m), and GBP(0.2)m of government grant income received
in H1 2020 resulting in a GBP(0.2)m net adjustment, as a percentage
of adjusted operating profit.
(5) Adjusted cash conversion is headline cash conversion
adjusted for increases in restricted cash balances of GBP1.2m in H1
2021 (H1 2020: GBP0.3m) as a percentage of adjusted operating
profit.
INDEPENT REVIEW REPORT TO MORTGAGE ADVICE BUREAU (HOLDINGS)
PLC
Introduction
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 June 2021 which comprises the interim condensed
consolidated statement of financial position, interim condensed
consolidated statement of comprehensive income, interim condensed
consolidated statement of changes in equity and interim condensed
consolidated statement of cash flows.
We have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed set of financial statements.
Directors' responsibilities
The interim report, including the financial information
contained therein, is the responsibility of and has been approved
by the directors. The directors are responsible for preparing the
interim report in accordance with the rules of the London Stock
Exchange for companies trading securities on AIM which require that
the half-yearly report be presented and prepared in a form
consistent with that which will be adopted in the Company's annual
accounts having regard to the accounting standards applicable to
such annual accounts.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity", issued by the Financial Reporting Council for use
in the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
June 2021 is not prepared, in all material respects, in accordance
with the rules of the London Stock Exchange for companies trading
securities on AIM.
Use of our report
Our report has been prepared in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the
rules of the London Stock Exchange for companies trading securities
on AIM and for no other purpose. No person is entitled to rely on
this report unless such a person is a person entitled to rely upon
this report by virtue of and for the purpose of our terms of
engagement or has been expressly authorised to do so by our prior
written consent. Save as above, we do not accept responsibility for
this report to any other person or for any other purpose and we
hereby expressly disclaim any and all such liability.
BDO LLP
Chartered Accountants
London
United Kingdom
27 September 2021
BDO LLP is a limited liability partnership registered in England
and Wales (with registered number OC305127).
Interim condensed consolidated statement of comprehensive income
for the six months ended 30 June 2021
Six months ended
30 June
Note 2021 2020
Unaudited Unaudited
GBP'000 GBP'000
-------------------------------------- ----- ----------- -----------
Revenue 2 92,432 63,464
Cost of sales 2 (67,783) (46,220)
-------------------------------------- ----- ----------- -----------
Gross profit 24,649 17,244
Government grant income - 513
Administrative expenses (14,392) (10,033)
Impairment of loans to related
parties 11 (14) (1,656)
Share of profit from associates,
net of tax 9 723 88
Impairment of associate 9 (400) -
-------------------------------------- ----- ----------- -----------
Operating profit 10,566 6,156
-------------------------------------- ----- ----------- -----------
Analysed as:
Operating profit before: 11,313 7,898
Government grant income - 513
Amortisation of acquired intangibles 3 (183) (183)
Costs relating to the First Mortgage
option 3 (550) (416)
Impairment of loans to related
parties 11 (14) (1,656)
Operating profit 10,566 6,156
-------------------------------------- ----- ----------- -----------
Finance income 4 27 75
Finance expense 4 (67) (117)
Profit on sale of investment 10 309 -
-------------------------------------- ----- ----------- -----------
Profit before tax 10,835 6,114
Tax expense 5 (1,820) (759)
-------------------------------------- ----- ----------- -----------
Profit for the period 9,015 5,355
-------------------------------------- ----- ----------- -----------
Total comprehensive income 9,015 5,355
-------------------------------------- ----- ----------- -----------
Profit is attributable to:
Equity owners of Parent Company 8,763 5,244
Non-controlling interests 252 111
-------------------------------------- ----- ----------- -----------
9,015 5,355
-------------------------------------- ----- ----------- -----------
Earnings per share attributable
to the owners of the Parent Company
Basic 6 16.5p 10.1p
Diluted 6 16.4p 10.0p
Interim condensed consolidated statement of financial
position
as at 30 June 2021 and 31 December 2020
30 June 2021 31 Dec
Note Unaudited 2020
GBP'000 Audited
GBP'000
---------------------------------- ------ ------------- ---------
Assets
Non-current assets
Property, plant and equipment 2,771 2,847
Right of use assets 2,414 2,590
Goodwill 8 15,155 15,155
Other intangible assets 2,983 3,262
Investments in associates and
joint venture 9 5,940 4,883
Investments in non-listed equity
shares 10 2,500 75
Other receivables 11 1,349 806
Deferred tax asset 5 1,739 822
---------------------------------- ------ ------------- ---------
Total non-current assets 34,851 30,440
---------------------------------- ------ ------------- ---------
Current assets
Trade and other receivables 11 11,332 5,603
Cash and cash equivalents 14 33,949 32,981
---------------------------------- ------ ------------- ---------
Total current assets 45,281 38,584
---------------------------------- ------ ------------- ---------
Total assets 80,132 69,024
---------------------------------- ------ ------------- ---------
Interim condensed consolidated statement of financial
position
as at 30 June 2021 and 31 December 2020 (continued)
Note 30 June 2021 31 Dec
Unaudited 2020
GBP'000 Audited
GBP'000
------------------------------- ----- ------------- ---------
Equity and liabilities
Share capital 15 53 53
Share premium 9,778 9,778
Capital redemption reserve 20 20
Share option reserve 3,074 1,807
Retained earnings 22,578 23,882
------------------------------- ----- ------------- ---------
Equity attributable to owners
of Parent Company 35,503 35,540
Non-controlling interests 1,907 1,908
------------------------------- ----- ------------- ---------
Total equity 37,410 37,448
------------------------------- ----- ------------- ---------
Liabilities
Non-current liabilities
Provisions 5,269 4,576
Lease liabilities 2,192 2,352
Deferred tax liability 726 643
------------------------------- ----- ------------- ---------
Total non-current liabilities 8,187 7,571
------------------------------- ----- ------------- ---------
Current liabilities
Trade and other payables 12 33,648 23,662
Lease liabilities 341 343
Corporation tax liability 546 -
------------------------------- ----- ------------- ---------
Total current liabilities 34,535 24,005
------------------------------- ----- ------------- ---------
Total liabilities 42,722 31,576
------------------------------- ----- ------------- ---------
Total equity and liabilities 80,132 69,024
------------------------------- ----- ------------- ---------
Interim condensed consolidated statement of changes in equity
for the six months ended 30 June 2021
Attributable to the holders of the
Parent Company
----------------------------------------------------------------------
Share
Capital option Non-controlling
Share Share redemption reserve Retained Interest Total
capital premium reserve GBP'000 earnings Total GBP'000 equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- --------- ---------- ------------ --------- ---------- ---------- ----------------- ----------
Balance at
1 January
2020 52 5,451 20 2,799 17,272 25,594 1,595 27,189
Profit for the
period - - - - 5,244 5,244 111 5,355
Total
comprehensive
income - - - - 5,244 5,244 111 5,355
--------------- --------- ---------- ------------ --------- ---------- ---------- ----------------- ----------
Transactions
with owners
Issue of
shares - 601 - - - 601 - 601
Share based
payment
transactions - - - 430 - 430 - 430
Deferred tax
assets
recognised
in equity - - - (423) - (423) - (423)
Reserve
transfer - - - (438) 438 - - -
Dividends paid - - - - (3,311) (3,311) (86) (3,397)
--------------- --------- ---------- ------------ --------- ---------- ---------- ----------------- ----------
Total
transactions
with owners - 601 - (431) (2,873) (2,703) (86)) (2,789)
--------------- --------- ---------- ------------ --------- ---------- ---------- ----------------- ----------
Balance at 30
June 2020
(unaudited) 52 6,052 20 2,368 19,643 28,135 1,620 29,755
--------------- --------- ---------- ------------ --------- ---------- ---------- ----------------- ----------
Balance at 1
January 2021 53 9,778 20 1,807 23,882 35,540 1,908 37,448
Profit for the
period - - - - 8,763 8,763 252 9,015
--------------- --------- ---------- ------------ --------- ---------- ---------- ----------------- ----------
Total
comprehensive
income - - - - 8,763 8,763 252 9,015
--------------- --------- ---------- ------------ --------- ---------- ---------- ----------------- ----------
Transactions
with owners
Issue of - - - - - - - -
shares
Share based
payment
transactions - - - 693 - 693 - 693
Deferred tax
asset
recognised
in equity - - - 717 - 717 - 717
Reserve
transfer - - - (143) 143 - - -
Dividends paid - - - - (10,210) (10,210) (253) (10,463)
--------------- --------- ---------- ------------ --------- ---------- ---------- ----------------- ----------
Total
transactions
with owners - - - 1,267 (10,067) (8,800) (253) (9,053)
Balance at 30
June 2021
(unaudited) 53 9,778 20 3,074 22,578 35,503 1,907 37,410
--------------- --------- ---------- ------------ --------- ---------- ---------- ----------------- ----------
Interim condensed consolidated statement of cash flows for the
six months ended 30 June 2021
Six months ended
30 June
2021 2020
Unaudited Unaudited
GBP'000 GBP'000
------------------------------------------- ------------ -----------
Cash flows from operating activities
Profit for the period before tax 10,835 6,114
Adjustments for
Depreciation of property, plant
and equipment 185 189
Depreciation of rights of use assets 191 185
Amortisation of intangibles 279 302
Profit on disposal of unlisted investment (309) -
Share based payments 693 430
Share of profit from associates (723) (88)
Impairment of associate 400 -
Dividends received from associates 88 58
Finance income (27) (75)
Finance expense 67 117
11,679 7,232
Changes in working capital
(Increase)/Decrease in trade and
other receivables (6,730) 1,148
Increase/(Decrease) in trade and
other payables 9,986 (703)
Increase in provisions 693 242
Cash generated from operating activities 15,628 7,919
Income taxes paid (892) (1,993)
-------------------------------------------- ------------ -----------
Net cash generated from operating
activities 14,736 5,926
-------------------------------------------- ------------ -----------
Cash flows from investing activities
Purchase of property, plant and
equipment (109) (188)
Purchase of Intangibles - (1)
Acquisition of associates (822) -
Disposal of unlisted investment 329 -
Acquisition of unlisted investment (2,500) -
------------------------------------------- ------------ -----------
Net cash used in investing activities (3,102) (189)
-------------------------------------------- ------------ -----------
Cash flows from financing activities
Proceeds from borrowings - 12,000
Interest received 41 46
Interest paid (67) (34)
Principal element of lease payments (177) (185)
Issue of shares - 601
Dividends paid (10,210) (3,311)
Dividends paid to minority interest (253) (86)
-------------------------------------------- ------------ -----------
Net cash (used)/generated in financing
activities (10,666) 9,031
-------------------------------------------- ------------ -----------
Net Increase in cash and cash equivalents 968 14,768
Cash and cash equivalents at the
beginning of the period 32,981 20,867
-------------------------------------------- ------------ -----------
Cash and cash equivalents at the
end of the period 33,949 35,635
-------------------------------------------- ------------ -----------
Notes to the interim condensed consolidated financial statements
for the six months ended 30 June 2021
1 Accounting policies
Corporate information
The interim condensed consolidated financial statements of
Mortgage Advice Bureau (Holdings) Plc and its subsidiaries
(collectively, "the Group") for the six months ended 30 June 2021
were authorised for issue in accordance with a resolution of the
directors on 27 September 2021.
Mortgage Advice Bureau (Holdings) Plc ("the Company") is a
limited company incorporated and domiciled in England whose shares
are publicly traded on the Alternative Investment Market ("AIM").
The registered office is located at Capital House, Pride Place,
Pride Park, Derby, DE24 8QR. The Group's principal activity is the
provision of financial services.
Basis of preparation
On 31 December 2020, IFRS as adopted by the European Union at
that date was brought into UK law and became UK-adopted
international accounting standards, with future changes being
subject to endorsement by the UK Endorsement Board. The Group
transitioned to UK-adopted international accounting standards in
its consolidated financial statements on 1 January 2021. There was
no impact or changes in accounting policies from the
transition.
These condensed consolidated interim financial statements for
the six months ended 30 June 2021 have been prepared in accordance
with IAS 34 'Interim financial reporting' and also in accordance
with the measurement and recognition principles of UK adopted
international accounting standards. They do not include all of the
information required for full annual financial statements and
should be read in conjunction with the 2020 Annual Report and
Accounts, which were prepared in accordance with international
accounting standards in conformity with the requirements of the
Companies Act 2006 and in accordance with international financial
reporting standards adopted pursuant to Regulation (EC) No
1606/2002 as it applies in the European Union.
The comparative figures for the six months ended 30 June 2020
are not the Group's statutory accounts for that financial period.
The accounts for the year ended 31 December 2020 have been reported
on by the Group's auditors and delivered to the registrar of
companies. The report of the auditor was (i) unqualified, (ii) did
not include a reference to any matters to which the auditor drew
attention by way of emphasis without qualifying their report and
(iii) did not contain a statement under section 498 (2) or (3) of
the Companies Act 2006.
Going Concern
The Directors have assessed the Group's prospects until 31
December 2022, taking into consideration the current operating
environment, including the impact of the coronavirus pandemic on
property and lending markets. The Directors' financial modelling
considers the Group's profit, cash flows, regulatory capital
requirements, borrowing covenants and other key financial metrics
over the period.
These metrics are subject to sensitivity analysis, which
involves flexing a number of key assumptions underlying the
projections, including the effect of pandemic-related social
restrictions and their impact on the UK property market and the
Group's revenue mix, which the Directors consider to be severe but
plausible stress tests on the Group's cash position, banking
covenants and regulatory capital adequacy. The Group's financial
modelling shows that the Group should continue to be cash
generative, maintain a surplus on its regulatory capital
requirements and be able to operate within its current financing
arrangements.
Based on the results of the financial modelling, the Directors
expect that the Group will be able to continue in operation and
meet its liabilities as they fall due over this period.
Accordingly, the Directors continue to adopt the going concern
basis for the preparation of the financial statements.
Significant estimates and judgements
Other than as set out below, the judgements, estimates and
assumptions applied in the interim financial statements, including
the key sources of estimation uncertainty, were the same as those
applied in the Group's last annual financial statements for the
year ended 31 December 2020. There have been no material revisions
to the nature and amount of estimates of amounts reported in prior
periods.
The Group has been able to enhance its revenue recognition
procedures in relation to estimates made on accrued income.
Significant accounting policies
The accounting policies applied are consistent with those
described in the Annual Report and Group financial statements for
the year ended 31 December 2020. New or amended standards effective
in the period have not had a material impact on the condensed
consolidated interim financial statements.
The Group has not early adopted any standards, interpretations
or amendments that have been issued but are not yet effective.
New standards with no impact on the Group
-- Amendments to IFRS 7, IFRS 9 and IAS 39 Interest Rate
Benchmark Reform - Phase 2. Under the detailed rules of IFRS 9
Financial Instruments, modifying a financial contract can require
recognition of a significant gain or loss in the income statement.
However, the amendments introduce a practical expedient if a change
results directly from IBOR reform and occurs on an 'economically
equivalent' basis. In these cases, changes will be accounted for by
updating the effective interest rate. The Group does not have any
interest rate hedge relationships.
-- Amendments to IFR16 - Covid 19 related rent concessions
beyond 30 June 2021. In March 2021, the IASB amended IFRS 16
Leases, extending the practical expedient to permit lessees to
apply it to rent concessions for which reductions in lease payments
affect payments originally due on or before 30 June 2022. This
amendment is applicable for annual reporting periods beginning on
or after 1 April 2021, with early application permitted. The Group
did not receive any rent concessions beyond 30 June 2021.
Future new standards and interpretations
A number of new standards and amendments to standards and
interpretations will be effective for future annual and interim
periods, and therefore have not been applied in preparing these
condensed consolidated interim financial statements. At the date of
authorisation of these financial statements, the following
standards and interpretations which have not been applied in these
financial statements were in issue but not yet effective:
Standard or Interpretation Periods commencing
on or after
Amendments to IFRS 3, IAS 16, IAS 37 and annual 1 January 2022
improvements on IFRS 1, IFRS 9, IAS 41 and IFRS
1
-------------------
Amendments to IAS 1 and IAS 8 on classification 1 January 2023
of liabilities, disclosure of accounting policies
and definition of accounting estimates.
-------------------
Amendments to IFRS 17, IFRS 4 and IAS 12 1 January 2023
-------------------
Current versus non-current classification
The Group presents assets and liabilities in the statement of
financial position based on current/non-current classification. An
asset is current when it is:
-- expected to be realised or intended to be sold or consumed in
the normal operating cycle; and
-- held primarily for the purpose of trading; and
-- expected to be realised within twelve months after the reporting date.
All other assets are classified as non-current.
Assets included in current assets which are expected to be
realised within twelve months after the reporting date are measured
at amortised cost which may equate to fair value. Fair value for
investments in unquoted equity shares is the net proceeds that
would be received for the sale of the asset where this can be
reasonably determined.
Basis of consolidation
Where the Company has control over an investee, it is classified
as a subsidiary. The Company controls an investee if all three of
the following elements are present: power over the investee,
exposure to variable returns from the investee, and the ability of
the investor to use its power to affect those variable returns.
Control is reassessed whenever facts and circumstances indicate
that there may be a change in any of these elements of control.
The consolidated financial statements present the results of the
Company and its subsidiaries ("the Group") as if they formed a
single entity. Intercompany transactions and balances between group
companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of
business combinations using the acquisition method. In the
statement of financial position, the acquiree's identifiable
assets, liabilities and contingent liabilities are initially
recognised at their fair values at the acquisition date. The
results of acquired operations are included in the consolidated
statement of comprehensive income from the date on which control is
obtained. They are deconsolidated from the date on which control
ceases.
Entities that are not subsidiaries but where the Group has
significant influence (i.e. the power to participate in the
financial and operating policy decisions) are accounted for as
associates. The results and assets and liabilities of the
associates are included in the consolidated accounts using the
equity method of accounting.
Segment Reporting
An operating segment is a distinguishable segment of an entity
that engages in business activities from which it may earn revenues
and incur expenses and whose operating results are reviewed
regularly by the entity's chief operating decision maker ("CODM").
The Board reviews the Group's operations and financial position as
a whole and therefore considers that it has only one operating
segment, being the provision of financial services operating solely
within the UK. The information presented to the CODM directly
reflects that presented in the financial statements and they review
the performance of the Group by reference to the results of the
operating segment against budget.
Operating profit is the profit measure, as disclosed on the face
of the consolidated statement of comprehensive income that is
reviewed by the CODM.
During the six month period to 30 June 2021, there have been no
changes from the prior periods in the measurement methods used to
determine operating segments and reported segment profit or
loss.
2 Revenue
The Group operates in one segment being that of the provision of
financial services in the UK.
Revenue is derived as follows:
Six months ended 30
June
2021 2020
Unaudited Unaudited
GBP'000 GBP'000
Mortgage procuration fees 42,721 27,606
Client fees 11,624 8,122
Insurance and other protection products 35,803 26,271
Other income 2,284 1,465
------------------------------------------ ------------ ------------
92,432 63,464
------------------------------------------ ------------ ------------
Costs of sales are as follows:
2021 2020
Unaudited Unaudited
GBP'000 GBP'000
Commissions paid 63,924 43,355
Impairment of trade receivables (5) 4
Wages and salary costs 3,864 2,861
----------------------------------------- ------------ ------------
67,783 46,220
----------------------------------------- ------------ ------------
There is no significant seasonality to income which arises
fairly evenly throughout the year and therefore profits also arise
fairly evenly throughout the financial year.
3 Acquisition costs
On 2 July 2019 Mortgage Advice Bureau (Holdings) Plc acquired 80
per cent of the entire issued share capital of First Mortgage
Direct Limited ("First Mortgage" or the "Business").
Costs relating to the amortisation of acquired intangibles
amounted to GBP183,000 in the six months ended 30 June 2021 and
2020. The option (comprising the put and the call option) over the
remaining 20% of the issued share capital of First Mortgage has
been accounted for under IAS 19 Employee Benefits and IFRS 2 Share
Based Payments due to its link to the service of First Mortgage's
Managing Director. In accordance with IAS 19, GBP212,303 (2020:
GBP188,000) has been included within administrative expenses under
staff costs, and in accordance with IFRS 2, a further GBP338,118
(2020 - GBP227,968) has been included within administrative expense
under share based payments (see note 17).
4 Finance income and expense
Six months ended 30
June
2021 2020
Unaudited Unaudited
Finance income GBP'000 GBP'000
------------------------------------------------ ------------ -----------
Interest income 18 46
Interest income accrued on loans to associates 9 29
------------------------------------------------ ------------ -----------
27 75
------------------------------------------------ ------------ -----------
Finance expenses
---------------------------------------- --- ----
Interest expense 37 84
Interest expenses on lease liabilities 30 33
---------------------------------------- --- ----
67 117
---------------------------------------- --- ----
5 Income tax
The Group calculates the period income tax expense using the tax
rate that would be applicable to the expected total annual
earnings. The major components of income tax expense in the interim
condensed statements of comprehensive income are:
Six months ended 30
June
2021 2020
Unaudited Unaudited
GBP'000 GBP'000
------------------------------------------------ ------------ -----------
Current tax expense
UK corporation tax charge on profit for
the period 1,937 826
Total current tax 1,937 826
------------------------------------------------ ------------ -----------
Deferred tax expense
Origination and reversal of timing differences (30) (62)
Temporary difference on share based payments (170) (44)
Adjustment due to rate change 83 39
Total deferred tax (117) (67)
------------------------------------------------ ------------ -----------
Total tax expenses 1,820 759
------------------------------------------------ ------------ -----------
For the period ended 30 June 2021, the deferred tax recognised
in equity was GBP717,160 (2020: GBP423,000). A change to the
corporation tax rate was substantively enacted on 24 May 2021 to
increase it to 25% from 1 April 2023 rather than the previously
enacted 19%. The impact of this in the year has been to increase
the tax charge by GBP82,925.
The deferred tax asset is recognised after being assessed as
recoverable on the basis of available evidence including projected
profits, capital and liquidity position. The deferred tax asset is
only recognised to the extent that it is probable that future
taxable profits will be available against which the asset can be
utilised. The deferred tax asset is reviewed at each reporting date
and reduced to the extent that it is no longer probable that the
related tax benefit will be realised.
6 Earnings per share
Both the basic and diluted earnings per share have been
calculated using the profit attributable to shareholders of the
Parent Company, Mortgage Advice Bureau (Holdings) Plc, as the
numerator.
The weighted average number of shares for the purposes of the
calculation of diluted earnings per share can be reconciled to the
weighted average number of ordinary shares used in the calculation
of basic earnings per share as follows:
Six months ended 30 June
2021 2020
Unaudited Unaudited
---------------------------------------- ------------- ------------
Weighted average number of shares used
in basic earnings per share 53,165,081 51,896,090
Potential ordinary shares arising from
options 349,327 701,335
---------------------------------------- ------------- ------------
Weighted average number of shares used
in diluted earnings per share 53,514,408 52,597,425
---------------------------------------- ------------- ------------
The Group uses adjusted results as key performance indicators,
as the Directors believe that these provide a more consistent
measure of operating performance. Adjusted profit is therefore
stated before Government grant income, one-off acquisition costs,
ongoing non-cash items relating to the acquisition of First
Mortgage Direct Limited and impairment of loans to related parties,
net of tax.
The reconciliation between the basic and adjusted figures is as
follows:
Six months ended 30 Six months ended 30 June
June
2021 2020 2021 2020 2021 2020
Unaudited Unaudited Basic Basic Diluted Diluted
GBP'000 GBP'000 earnings earnings earnings earnings
per share per share per share per share
pence pence pence pence
Profit for the period 8,763 5,244 16.5 10.1 16.4 10.0
Adjustments:
Government grant
income - (447) - (0.9) - (0.9)
Amortisation of acquired
intangibles 183 183 0.4 0.4 0.4 0.3
Costs relating to
the First Mortgage
option 550 416 1.0 0.8 1.0 0.8
Impairment of loans
to related parties 14 1,656 0.0 3.2 0.0 3.1
Tax effect of adjustments (3) (230) 0.0 (0.4) 0.0 (0.4)
---------------------------- ----------- ----------- ----------- ----------- ----------- -----------
Adjusted earnings 9,507 6,822 17.9 13.2 17.8 12.9
---------------------------- ----------- ----------- ----------- ----------- ----------- -----------
In the period ended 30 June 2020, the Government grant income of
GBP447,414 represented amounts attributable to the equity owner of
the parent company and excludes GBP65,735 attributable to
non-controlling interests included in the amounts shown in the
consolidated statement of comprehensive income.
7 Dividends
Six months Six months Year ended
ended 30 ended 30 31 December
June June 2020
2021 2020 Audited
Unaudited Unaudited
GBP'000 GBP'000 GBP'000
Dividends paid and declared during
the period:
On ordinary shares at 19.2p per share
(2020: 6.4p) 10,210 3,311 3,311
Interim dividend for 2020: 6.4p per
share - - 3,401
10,210 3,311 6,712
--------------------------------------- ----------- ----------- -------------
Equity dividends on ordinary shares:
Declared:
Interim dividend for 2021: 13.4p per 7,129 - -
share (2020: nil)
Proposed for approval:
Final dividend for 2020: 19.2p per
share - - 10,205
--------------------------------------- ------ -------
7,129 - 10.205
-------------------------------------- ------ -------
8 Goodwill
The goodwill relates to the acquisition of Talk Limited in 2012,
and in particular its main operating subsidiary Mortgage Talk
Limited, and the acquisition of First Mortgage Direct Limited
("FMD") in 2019. The goodwill is deemed to have an indefinite
useful life. It is currently carried at cost and is reviewed
annually for impairment.
Under IAS 36, "Impairment of assets", the Group is required to
review and test its goodwill annually each year or in the event of
a significant change in circumstances. The impairment reviews
conducted at the end of 2020 concluded that there had been no
impairment of goodwill.
The key basis for determining that there was no impairment to
the carrying value of goodwill was disclosed in the annual
consolidated financial statements for the year ended 31 December
2020. There are no matters which have arisen in the period to 30
June 2021 which indicated that an impairment was required at that
date.
9 Investments in associates and joint ventures
The investment in associates and joint ventures at the reporting
date is as follows:
30 June 2021 31 December
Unaudited 2020
GBP'000 Audited
GBP'000
-------------------------------------- ------------- ------------
At start of the period 4,883 3,133
Additions 822 2,345
Credit to statement of comprehensive
income
Share of profit 723 36
Impairment (400) (473)
-------------------------------------- ------------- ------------
323 (437)
Dividends received (88) (158)
-------------------------------------- ------------- ------------
At period end 5,940 4,883
-------------------------------------- ------------- ------------
Acquisitions and disposals
2021: On 12 January 2021, First Mortgage Direct Limited, an 80%
owned subsidiary of the Group acquired a 25% stake in M&R FM
Ltd, for an initial cash consideration of GBP663,400. On 13 January
2021, the Group ceased to have an investment in Freedom 365
Mortgage Solutions Limited, having entered into a deed of
termination. The Group acquired a further 29% interest in Vita
Financial on 28 May 2021 for an initial cash consideration of
GBP159,081. In accordance with IAS28 the Group impaired the value
of the investment in The Mortgage Broker Group Limited by
GBP400,000 (2020: GBP472,850).
2020: The Group acquired a 40% interest in Meridian Holdings
Group Limited on 12 October 2020 at a cost of GBP1,340,000. The
Group acquired a further 24% interest in Clear Mortgage Solutions
Limited on 17 December 2020 at an initial consideration of
GBP461,593. In connection with Australian Finance Group Ltd
becoming the Group's new joint venture partner for MAB Broker
Services PTY Ltd, the Group increased its investment in MAB Broker
Services PTY Limited by 3.05% on 30 October 2020 at a cost of
GBP543,095 (AUD1,000,000). In accordance with IAS28 the Group
impaired the value of the investment in The Mortgage Broker Group
Limited by GBP472,850.
10 Investments in non-listed equity shares
30 June 31 December
2021 2020
Unaudited Audited
GBP'000 GBP'000
------------------------ ----------- ------------
At start of the period 75 75
Disposals (75) -
Additions 2,500 -
At period end 2,500 75
------------------------ ----------- ------------
The investment at the start of the year represented a 2.23%
interest in Yourkeys. This was sold on 23 April 2021 for initial
consideration of GBP329,000 with estimated total proceeds
(including deferred consideration) of GBP384,000.
On 9 April 2021, the Group acquired a 3.17% stake in the
property portal Boomin for a cash consideration of GBP2,500,000.
The price of this recent transaction was verified based on the
current facts and circumstances, including changes in the market.
Based on this, the price of the recent transaction is deemed fair
value as at 30 June 2021. This investment is classified as Level 3
for the purpose of disclosure in the fair value hierarchy.
11 Trade and other receivables
30 June 31 December
2021 2020
Unaudited Audited
GBP'000 GBP'000
----------------------------------------------- ----------- ------------
Trade receivables 1,421 1,460
Less provision for impairment of trade
receivables (373) (379)
----------------------------------------------- ----------- ------------
Trade receivables - net 1,048 1,081
Receivables from related parties - 12
Corporation tax - 499
Other receivables 457 468
Loans to related parties 1,519 1,919
Less provision for impairment of loans
to related parties (628) (614)
Less amounts written off loans to related
parties - (1,069)
----------------------------------------------- ----------- ------------
Total financial assets other than cash
and cash equivalents classified at amortised
costs 2,396 2,296
Prepayments and accrued income 10,285 4,113
----------------------------------------------- ----------- ------------
Total trade and other receivables 12,681 6,409
----------------------------------------------- ----------- ------------
Less: non-current portion - Loans to
related parties (658) (220)
Less: non-current - Trade receivables (691) (586)
----------------------------------------------- ----------- ------------
Current portion 11,332 5,603
----------------------------------------------- ----------- ------------
30 June 30 June
2021 2020
Reconciliation of movement in trade Unaudited Unaudited
and other receivables to cash flow GBP'000 GBP'000
------------------------------------------ ---------- ----------
Movement per trade and other receivables 6,272 (1,119)
Corporation tax 499 -
Accrual of deferred consideration for (55) -
Yourkeys disposal
Accrued interest movement 14 29
------------------------------------------ ---------- ----------
Total movement per cash flow 6,730 (1,148)
------------------------------------------ ---------- ----------
The carrying value of trade and other receivables classified at
amortised cost approximates fair value.
Included within trade receivables are operational business
development loans to Appointed Representatives. The non-current
trade receivables balance is comprised of loans to Appointed
Representatives.
Also included in trade receivables are amounts due from
Appointed Representatives relating to commissions that are
refundable to the Group when policy lapses or other reclaims exceed
new business. As these balances have no credit terms, the Board of
Directors consider these to be past due if they are not received
within seven days. In the management of these balances, the
Directors can recover them from subsequent new business entered
into with the Appointed Representative or utilise payables that are
owed to the same counterparties and included within payables as the
Group has the legally enforceable right of set off in such
circumstances. These payables are considered sufficient by the
Directors to recover receivable balances should they default, and
accordingly, credit risk in this respect is minimal .
In light of the above, the Directors do not consider that
disclosure of an aging analysis of trade and other receivables
would provide useful additional information. Further information on
the credit quality of financial assets is set out in note 13.
Impairment provisions for trade receivables are recognised based
on the simplified approach within IFRS 9 using the lifetime
expected credit losses. During this process the probability of the
non-payment of the trade receivables is assessed. This probability
is then multiplied by the amount of the expected loss arising from
default to determine the lifetime expected credit loss for the
trade receivables. For trade receivables, which are reported net,
such provisions are recorded in a separate provision account with
the loss being recognised within cost of sales in the consolidated
statement of comprehensive income. On confirmation that the trade
receivable will not be collectable, the gross carrying value of the
asset is written off against the associated provision. At 30 June
2021 the lifetime expected loss provision for trade receivables is
GBP0.4m (2020: GBP0.4m) The movement in the impairment allowance
for trade receivables has been included in cost of sales in the
consolidated statement of comprehensive income.
Impairment provisions for loans to associates are recognised
based on a forward looking expected credit loss model. The
methodology used to determine the amount of the provision is based
on whether there has been a significant increase in credit risk
since initial recognition of the financial asset. For those where
the credit risk has not increased significantly since initial
recognition of the financial asset, twelve month expected credit
losses along with gross interest income are recognised. For those
for which credit risk has increased significantly, lifetime
expected credit losses along with the gross interest income are
recognised. For those that are determined to be credit impaired,
lifetime expected credit losses along with interest income on a net
basis are recognised. In determining the lifetime expected credit
losses for loans to associates, the Directors have considered
different scenarios for repayments of these loans and have applied
percentage probabilities to each scenario for each associate where
applicable.
At 30 June 2021 the lifetime expected loss provision for loans
to associates is GBP0.6m. One associate, Eagle and Lion Limited,
has been subject to a significant increase in credit risk since
initial recognition and, consequently lifetime expected credit
losses of GBP0.6m were recognised in the six month period ended 30
June 2020 which accounted for the vast majority of the lifetime
expected loss provision for loans to associates. For the remainder,
12 month expected credit losses have been recognised . The movement
in the impairment allowance for receivables for loans to associates
has been included in impairment of loans to related parties in the
consolidated statement of comprehensive income. During the six
months ended 30 June 2020, GBP1.1m was written off in respect of a
loan to Freedom 365 Mortgage Solutions Limited which represented
the principal loan balance write off and release of expected credit
losses already recognised.
12 Trade and other payables
30 June 31 December
2021 2020
Unaudited Audited
GBP'000 GBP'000
----------------------------------------------- ----------- ------------
Appointed Representatives retained commission 15,620 14,431
Other trade payables 12,257 5,447
----------------------------------------------- ----------- ------------
Trade payables 27,877 19,878
Social security and other taxes 1,527 1,289
Other payables 97 154
Accruals and deferred income 4,147 2,341
----------------------------------------------- ----------- ------------
33,648 23,662
----------------------------------------------- ----------- ------------
Should a protection policy be cancelled within four years of
inception, a proportion of the original commission will be clawed
back by the insurance provider. The majority of any such repayment
is payable by the Appointed Representative. It is the Group's
policy to retain a proportion of commission payable to the
Appointed Representative to cover such potential future lapses;
these sums remain a liability of the Group. This commission is held
in a separate ring fenced bank account as described in note 14.
As at 30 June 2021 and 31 December 2020, the carrying value of
trade and other payables classified as financial liabilities
measured at amortised cost approximates fair value.
Appointed Representative retained commission is expected to be
payable after more than one year. Other trade payables normally
fall due within 30 - 60 days.
13 Financial instruments - risk management activities
Credit risk
Credit risk is the risk of financial loss to the Group if a
trading partner or counterparty to a financial instrument fails to
meet its contractual obligations. The Group is mainly exposed to
credit risk from loans to its trading partners. It is Group policy
to assess the credit risk of trading partners before advancing
loans or other credit facilities. Assessment of credit risk
utilises external credit rating agencies. Personal guarantees are
generally obtained from the Directors of its trading partners.
Quantitative disclosures of the credit risk exposure in relation
to financial assets are set out below. Further disclosures
regarding trade and other receivables are given in note 11.
Financial assets - maximum exposure
30 June 31 December
2021 2020
Unaudited Audited
GBP'000 GBP'000
----------------------------- ----------- ------------
Cash and cash equivalents 33,949 32,961
Trade and other receivables 2,396 2,296
----------------------------- ----------- ------------
Total financial assets 36,345 35,277
----------------------------- ----------- ------------
Financial liabilities
30 June 31 December
2021 2020
Unaudited Audited
GBP'000 GBP'000
------------------------------ ----------- ------------
Trade and other payables 29,501 21,321
Accruals and deferred income 4,147 2,341
Lease liabilities 2,533 2,695
------------------------------ ----------- ------------
Total financial liabilities 36,181 26,357
------------------------------ ----------- ------------
The carrying amounts stated above represent the Group's maximum
exposure to credit risk for trade and other receivables. An element
of this risk is mitigated by collateral held by the Group for
amounts due to them.
Trade receivables consist of a large number of unrelated trading
partners and therefore credit risk is limited. Due to the large
volume of trading partners the Group does not consider that there
is any significant credit risk as a result of the impact of
external market factors on their trading partners. Additionally,
within trade payables are amounts due to the same trading partners
as those included in trade receivables; this collateral
significantly reduces the credit risk.
The Group's credit risk on cash and cash equivalents is limited
because the Group places funds on deposit with National Westminster
Bank Plc and Bank of Scotland Plc which are A/A+ and A+ rated
respectively.
14 Cash and cash equivalents
For the purpose of the interim condensed statement of cash
flows, cash and cash equivalents are comprised of:
30 June 2021 31 December
Unaudited 2020
Audited
GBP'000 GBP'000
-------------------------------------------- ------------- ------------
Unrestricted cash and bank balances 18,329 18,550
Bank balances held in relation to retained
commissions 15,620 14,431
Cash and cash equivalents 33,949 32,981
-------------------------------------------- ------------- ------------
Bank balances held in relation to retained commissions earned on
an indemnity basis in relation to life policies are held to cover
potential future lapses in Appointed Representatives commission.
Operationally, the Group does not treat these balances as available
funds. An equal and opposite liability is shown within trade and
other payables (note 12).
15 Share capital
Issued and fully paid
30 June 31 December
2021 2020
Unaudited Audited
GBP'000 GBP'000
------------------------------- -------- ------------
Ordinary shares of 0.1p each 53 53
Total share capital 53 53
------------------------------- -------- ------------
16 Related Party Transactions
The following details provide the total amount of transactions
that have been entered into with related parties during the six
months ended 30 June 2021 and 2020, as well as balances with
related parties as at 30 June 2021 and 31 December 2020.
During the period the Group paid commission of GBP400,942 (2020:
GBP530,102) to Buildstore Limited, an associated company. There was
a balance of GBP9,213 (2020: GBP21,213) of retained commission to
cover future lapses. At 30 June 2021, there was a loan outstanding
from Buildstore Limited of GBP10,226 (2020: GBP17,757).
During the period the Group received introducer commission from
Sort Limited, a subsidiary of an associated company of GBP587,958
(2020: GBP422,997). At 30 June 2021, there was a net loan
outstanding of GBP218,369 outstanding with Sort Group Limited
(2020: GBP218,369).
During the period the Group paid commission of GBP2,392,199
(2020: GBP1,864,044) to Clear Mortgage Solutions Limited, an
associated company. There was a balance of GBP475,799 (2020:
GBP414,563) of retained commission to cover future lapses.
During the period up to and including 13 January 2021 when the
Group ceased to have an investment in Freedom 365 Mortgage
Solutions, the Group paid commissions of GBP2,067 (2020:
GBP138,252). At the point of termination on 13 January 2021, there
was a balance of GBP78,402 (2020: GBP78,402) of retained commission
to cover future lapses. At the point of termination on 13 January
2021, there was no loan outstanding from Freedom 365 Mortgage
Solutions Limited (2020: GBPnil).
During the period the Group paid commission of GBP870,209 (2020:
GBP590,787) to Vita Financial Limited, an associated company. There
was a balance of GBP203,806 (2020: GBP159,113) of retained
commission to cover future lapses.
During the period the Group paid commission of GBPnil (2020:
GBP182,083) to Eagle & Lion Limited, an associated company.
There was a balance of GBPnil (2020: GBPnil) of retained commission
to cover future lapses. At 30 June 2021, there was a loan
outstanding from Eagle & Lion Limited of GBP625,259 (2020:
GBP611,385) which has been fully impaired due to a significant
increase in expected credit losses leaving a net balance of GBPnil
(2020: GBPnil).
During the period the Group paid commission of GBP795,434 (2020:
GBP678,928) to The Mortgage Broker Group Limited, an associated
company. There was a balance of GBP66,783 (2020: GBP66,781) of
retained commission to cover future lapses.
During the period the Group paid commission of GBP1,981,588 (to
Meridian Holdings Group Limited, which became an associated company
on 12 October 2020. There was a balance of GBP545,589 (2020:
GBP545,578) of retained commission to cover future lapses. At 30
June 2021, there was a loan outstanding from Meridian Holdings
Group Limited of GBP662,786 (2020: GBPnil).
During the period the Group paid commission of GBP156,524 to
M&R FM Ltd, which became an associated company on 12 January
2021. There was a balance of GBP4,041 (2020: GBPnil) of retained
commission to cover future lapses.
During the period the Group received dividends from associate
companies as follow:
Six months ended 30 June
2021 2020
Unaudited Unaudited
GBP'000 GBP'000
------------------------ ----------- -----------
CO2 Commercial Limited 88 58
------------------------ ----------- -----------
17 Share based payments
On 1 April 2021, 115,502 options over ordinary shares of 0.1
pence each in the Company were granted to the Executive Directors
and senior executives of MAB under the equity-settled Mortgage
Advice Bureau Executive Share Option Plan (the "Options"). Exercise
of the Options is subject to the service conditions and achievement
of performance conditions based on total shareholder return and
earnings per share criteria. Subject to achievement of the
performance conditions, the Options will be exercisable three years
from the date of grant. The exercise price for the Options is 0.1
pence, being the nominal cost of the Ordinary Shares.
Options exercised in April 2021 resulted in 21,802 ordinary
shares being issued at an exercise price of nominal value. The
price of the ordinary shares at the time of exercise was GBP12.40
per share.
Options exercised in June 2021 resulted in 29,631 ordinary
shares being issued at an exercise price at nominal value. The
price of the ordinary shares at the time of exercise was GBP12.05
per share.
For the six months ended 30 June 2021, the Group recognised
GBP1,033,913 of share based remuneration expense in the statement
of comprehensive income (2020: GBP603,189) which includes the
charge for equity-settled schemes of GBP540,476 (2020: GBP212,690)
and the matching element of the Group's Share Incentive Plan for
all employees of GBP63,624 (2020: GBP28,281). This also includes
GBP338,118 relating to the IFRS2 charge of the First Mortgage
option (2020: GBP227,968).
18 Events after the reporting date
On 20 July 2021, the Group acquired a 49% stake in Evolve FS Ltd
for an initial cash consideration of GBP2.2m. Evolve FS Ltd is a
leading new build specialist mortgage broker based in Ipswich,
previously directly authorised by the FCA.
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