REG - Mortgage Adv. Bureau - AGM Statement

Mortgage Advice Bureau (Holdings)Announcement

22/05/2024 07:00

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RNS Number : 3902P  Mortgage Advice Bureau (Hldgs) PLC  22 May 2024

22 May 2024

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 1pm today during which the Non-Executive Chair, Katherine
Innes Ker, will make the following statement:

"New mortgage applications in the market have been better year to date
compared to the equivalent period last year. All purchase-related activity has
picked up, including a welcome recovery in Buy-to-Let, whilst re-mortgaging is
slightly down versus last year. This reflects a reduced number of borrowers
needing to re-finance during the period, plus a greater proportion of those
that have re-financed selecting Product Transfers instead. MAB has performed
well in these conditions.

"In terms of completions, as expected, the wider market was slow in Q1 2024,
having carried a low pipeline into this year. This resulted in a 13% reduction
in new mortgage lending(2) for Q1 2024 compared to the prior year. Despite
these slower market conditions, we have continued to grow our market share,
with MAB's total mortgage completions for Q1 2024 broadly stable at £5.7bn
(2023: £5.8bn). This has been achieved, in part, through increased
productivity across our adviser base. Our new mortgage completions were
£4.1bn (2023: £4.4bn) with the balance of £1.6bn (2023: £1.4bn) being
Product Transfers.

"On 17 May 2024, our mainstream Adviser numbers were 1,906 (31 December 2023:
1,918) and our total(1) number of Advisers was 2,110 (31 December 2023:
2,158). The momentum in our new Appointed Representative ("AR") recruitment
activity continues to be strong, and consequently we expect a high number of
new firms and advisers to join MAB over the next few months. Our pipeline of
incoming new ARs has also continued to grow strongly over the last few months.
This momentum has built as a direct result of the significant developments in
technology and lead generation that we have delivered, as well as further
investment in our recruitment resources to ensure we can capitalise on the
opportunity our proposition enhancements bring.

"We expect our existing AR firms to start growing their adviser numbers again
later in the year, most likely as consumer confidence improves when there is
more certainty around the outlook for mortgage interest rates and our firms
can plan with a greater degree of certainty.

"MAB's performance, even though mortgage activity as a result of the subdued
market conditions remains below long-term averages, is in line with the
Board's expectations, with further improvement expected in the second half of
this year. I am therefore delighted to be leaving MAB in excellent shape as I
hand over to Mike Jones who will succeed me as Chair with effect from today. "

Peter Brodnicki, Chief Executive Officer, commented:

"Our performance once again demonstrates MAB's ability to continue winning
market share in all market conditions. I would like to take this opportunity
to thank Katherine for her excellent contribution since IPO. It has been an
absolute pleasure working with her, and she leaves the business in fantastic
shape.

I would also like to take this opportunity to welcome Emilie McCarthy(3) as
our new Chief Financial Officer, replacing Lucy Tilley. I congratulate Lucy
and thank her for her outstanding contribution to MAB since she joined in
2015. We wish her every success in the future."

(1) Includes a total of 204 advisers at 17 May 2024 who are advisers in
directly authorised firms that use MAB's subsidiary, Auxilium, a specialist
protection service provider, for protection. For directly authorised advisers
the fees received by MAB represent the net income received by MAB as there are
no commission payouts made by MAB. MAB's Later life advisers are now dual
authorised and hence are included in the mainstream number.

(2) UK Finance, product transfer lending figures not available until early
June.

(3) Emilie McCarthy was appointed as a Director of the Single Homeless Project
on 15 May 2024.

 

Enquiries:

 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

 

 Nominated Adviser and Joint Broker:

 Deutsche Numis                                    +44 (0)20 7260 1000

 Stephen Westgate / Giles Rolls
 Joint Broker:

 Peel Hunt LLP                                   +44 (0) 20 7418 8900

 Andrew Buchanan / Oliver Jackson / Rob Parker

Media Enquiries: investor.relations@mab.org.uk

 

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