Mortgage Advice Bureau (Holdings) (MAB1)

Sector:

Financials

Index:

FTSE AIM 50

794.00p
   
  • Change Today:
    -8.00p
  • 52 Week High: 946.00
  • 52 Week Low: 544.00
  • Currency: UK Pounds
  • Shares Issued: 57.96m
  • Volume: 234,267
  • Market Cap: £460.18m

Mortgage Advise Bureau ends year slightly ahead of forecasts

By Josh White

Date: Thursday 25 Jan 2024

LONDON (ShareCast) - (Sharecast News) - Mortgage Advice Bureau said in an update on Thursday that, despite its caution over activity levels and its annual outlook expressed in September, actual trading in the fourth quarter surpassed expectations, leading it to anticipate reporting an adjusted profit before tax slightly ahead of current market consensus.
The AIM-traded firm said that, despite UK Finance's estimate of a 28% reduction in gross new mortgage lending for 2023 compared to the prior year, amounting to £226bn, Mortgage Advice Bureau saw its revenue increase 4% to £239m.

It said the total number of advisers at year-end had decreased 4% to 2,158, with a 2% decline in the average number of mainstream advisers during the year.

The number of mainstream advisers at year-end was down 8% compared to the prior year.

It noted a strong underlying demand for home ownership and home moves, especially as fixed-rate mortgage costs reduced at the end of the prior year.

That resulted in increased purchase activity and refinancing, with mortgage volumes continuing to rise into January, significantly surpassing the volumes recorded in January 2023.

Despite ongoing uncertainty in the broader political and geopolitical landscape, current trading conditions were described as encouraging, positioning Mortgage Advice Bureau favourably to capitalise on market recovery and the expected resurgence in house purchase transactions.

While no organic adviser growth was assumed for the current year, the firm said it anticipated that some of its appointed representative (AR) firms could expedite recruitment efforts if the current positive momentum persisted.

That, the board said, could potentially lead to the company returning to previous levels of adviser growth by 2025.

Moreover, the addition of new AR firms remained robust, supported by technology enhancements, lead generation, and retention initiatives.

Throughout 2023, Mortgage Advice Bureau continued to invest in its proposition, aiming for a strong recovery and sustained market share growth in 2024 and beyond.

Current trading aligned with expectations, and reflected a positive outlook for the company.

"2023 was an exceptionally challenging year with consumer confidence heavily impacted, resulting in many customers deciding to delay their house purchase or refinancing," said chief executive officer Peter Brodnicki.

"Against this difficult backdrop I am very pleased with how MAB has significantly outperformed the market.

"To ensure we are in the best possible shape when market conditions improve, we have continued to invest across the entire group to drive lead flow and deliver optimal business and adviser efficiency.

"There is a great deal to be positive about, and our technology developments and lead initiatives, including the addition of Fluent, have broadened our addressable market and strengthened our growth plans."

At 1501 GMT, shares in Mortgage Advice Bureau were up 6.7% at 860p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

MAB1 Market Data

Currency UK Pounds
Share Price 794.00p
Change Today -8.00p
% Change -1.00 %
52 Week High 946.00
52 Week Low 544.00
Volume 234,267
Shares Issued 57.96m
Market Cap £460.18m

MAB1 Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
57.11% below the market average57.11% below the market average57.11% below the market average57.11% below the market average57.11% below the market average
81.65% below the sector average81.65% below the sector average81.65% below the sector average81.65% below the sector average81.65% below the sector average
Price Trend
40.56% above the market average40.56% above the market average40.56% above the market average40.56% above the market average40.56% above the market average
30.97% above the sector average30.97% above the sector average30.97% above the sector average30.97% above the sector average30.97% above the sector average
Income
3.88% above the market average3.88% above the market average3.88% above the market average3.88% above the market average3.88% above the market average
69.23% below the sector average69.23% below the sector average69.23% below the sector average69.23% below the sector average69.23% below the sector average
Growth
59.91% below the market average59.91% below the market average59.91% below the market average59.91% below the market average59.91% below the market average
35.92% below the sector average35.92% below the sector average35.92% below the sector average35.92% below the sector average35.92% below the sector average

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 2
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

MAB1 Dividends

  Latest Previous
  Interim Final
Ex-Div 03-Oct-24 25-Apr-24
Paid 01-Nov-24 29-May-24
Amount 13.40p 14.70p

Trades for 31-Oct-2024

Time Volume / Share Price
16:36 20,000 @ 794.00p
16:35 11,333 @ 794.00p
16:35 56 @ 794.00p
16:35 92 @ 794.00p
16:35 43 @ 794.00p

MAB1 Key Personnel

CEO Peter Brodnicki
CFO Emilie McCarthy

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