Mortgage Advice Bureau (Hldgs) PLC AGM Statement (6794M)
25 Mai 2022 - 8:00AM
UK Regulatory
TIDMMAB1
RNS Number : 6794M
Mortgage Advice Bureau (Hldgs) PLC
25 May 2022
25 May 2022
Mortgage Advice Bureau (Holdings) plc ("MAB" or "the Group")
AGM Statement
Mortgage Advice Bureau (Holdings) plc (AIM:MAB1.L) will hold its
Annual General Meeting at 2pm today during which the Non-Executive
Chair, Katherine Innes Ker, will make the following statement:
"Adviser numbers have continued to grow since our final results
statement on 28 March 2022 and had risen to 2,046(1) advisers by 20
May 2022, an increase of 9% year to date. Our current pipeline of
incoming new Appointed Representatives and advisers is also strong,
as is our pipeline of written new business that will go on to
complete over the coming months. In addition, we continue to grow
the number of new customer leads into MAB, which will help the
Group to deliver further market share growth. This all reflects the
strong momentum that the Group has built and will support MAB's
plans to deliver secure and sustained profitable growth.
"MAB's mortgage completions for Q1 2022 were GBP5.8bn,
representing an increase of 11% on a notably strong Q1 2021 (which
in no small part was driven by stamp duty relief) and 44% on Q1
2020. We are pleased with this performance, especially when
compared to the exceptional market performance we saw in the first
half of 2021.
"Despite the geopolitical uncertainty and the rising cost of
living for UK households, those that want or need to move home
continue to do so. Consumer demand for housing remains high and
activity is strong. As expected, increases in interest rates have
stimulated more refinancing activity, with mortgage borrowers now
more motivated than ever to secure the best rate possible to help
their household budgeting.
"The resilience shown by people who continue to move home is
helped by the fact that employment is high, household savings are
high and for those who are subsequent movers, housing equity levels
have also risen over recent years. Although interest rates have
risen and will most likely continue to rise over the next 12
months, current interest rates remain near historical lows. Lenders
also have strong liquidity levels, meaning mortgage availability is
now close to pre-pandemic highs, thereby helping the market to
remain buoyant.
"As we look out to the second half of the year, we expect to
complete our acquisition of Fluent, which is subject to FCA
approval of change in control. This acquisition will be
transformational for our national lead generation strategy,
allowing us to leverage the combined strength of both businesses to
attract more new leads into the Group. We also expect the
acquisition to be significantly earnings enhancing in the first
full year following completion. This, together with our maturing
and new growth drivers, will position the enlarged Group to further
accelerate its pace of growth. Current trading remains in line with
the Board's expectations."
(1) Includes a total of 72 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. Also
includes 14 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 14 advisers become
onboarded fully as mainstream advisers, MAB currently only
recognises its share of profit after tax from these associates.
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:
Numis Securities Limited Tel: +44 (0)20 7260 1000
Stephen Westgate / Giles Rolls
Media Enquiries:
investorrelations@mab.org.uk
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END
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