REG - Mortgage Adv. Bureau - AGM Statement

Mortgage Advice Bureau (Holdings)Announcement

25/05/2022 07:00

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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 £5.8bn, 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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