Mortgage Advice Bureau(Holdings)PLC Trading Update (7696Z)
27 Janvier 2022 - 8:00AM
UK Regulatory
TIDMMAB1
RNS Number : 7696Z
Mortgage Advice Bureau(Holdings)PLC
27 January 2022
27 January 2022
Mortgage Advice Bureau (Holdings) plc
("MAB" or the "Group")
Trading Update
Mortgage Advice Bureau (Holdings) plc (AIM: MAB1) today issues a
trading update for the year ended 31 December 2021, ahead of
publishing its final results on Tuesday, 29 March 2022.
Despite the regulatory approval of new Appointed Representative
firms taking longer than in previous years, the Group increased
revenue to circa GBP188m for the year ended 31 December 2021. This
represents a 27% increase on 2020 (GBP148m) and a 31% increase
compared to 2019 (GBP144m).
The increase in revenue since 2019 is driven by the combination
of a 23% increase in the average number of mainstream(1) advisers
to 1,649 over the two-year period (2019: 1,341) and a 7% increase
in revenue per mainstream adviser. At 31 December 2021, total
adviser numbers had grown to 1,885(2) , an increase of 305 (or 19%)
for the year (31 December 2020: 1,580).
As anticipated during the second half of the year, housing
market activity softened when compared to H1 2021, following the
tapering and ultimately the removal of the stamp duty holiday. This
was however countered by a strong increase in refinancing activity.
The underlying fundamentals driving levels of consumer demand for
housing and mortgage products remain strong, though activity has
been constrained by the currently lower level of housing stock for
sale.
The Group's adjusted profit before tax for the year ended 31
December 2021 is expected to be in line with Board
expectations.
1 Excludes directly authorised advisers, later life advisers,
and advisers from associates in the process of being onboarded
under MAB's AR arrangements
2 Includes a total of 47 advisers at 31 December 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. Also includes 64 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 64
advisers become onboarded fully as mainstream advisers, MAB
currently only recognises its share of profit after tax from these
associates.
Current trading
The Group starts 2022 with a strong pipeline of written business
and adviser recruitment, which will be enhanced by delayed adviser
starts from 2021. Refinancing activity remains positive, and demand
for housing continues to be very strong, with greater activity
levels only constrained by the level of housing stock for sale.
Gross new mortgage lending in 2021 was driven by a very strong
purchase market, with the Intermediary Mortgage Lenders Association
("IMLA") and UK Finance estimating gross new mortgage lending for
2021 at GBP304bn and GBP316bn respectively. IMLA and UK Finance's
recent estimates of gross new mortgage lending for 2022 are
GBP275bn and GBP281bn respectively, representing a reduction versus
2021, with higher levels of refinancing forecast.
Current trading is in line with the Board's expectations. MAB's
maturing and new growth drivers put MAB in a strong position to
accelerate its pace of growth.
Peter Brodnicki, CEO of MAB, commented:
"I am delighted with MAB's performance and we enter 2022 with a
strong and growing pipeline of business, ARs, advisers and lead
sources, and expect to have a very strong start to the year in
terms of adviser numbers.
"We are delighted with the recent investments we have made which
we believe will contribute strongly, along with those that have
been maturing in recent years.
"MAB's strategy of not only delivering growth in advisers, but
also in adviser productivity driven by further enhancements in our
technology platform, lead generation initiatives and our
proposition for ARs and their advisers, will drive profitability
and supports our plan for accelerated growth."
Enquiries:
Mortgage Advice Bureau (Holdings) plc +44 (0)1332 525007
Peter Brodnicki, Chief Executive Officer
Ben Thompson, Deputy Chief Executive Officer
Lucy Tilley, Chief Financial Officer
Nominated Adviser and Broker: +44 (0)20 7260 1000
Numis Securities Limited
Stephen Westgate / Giles Rolls
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").
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