MAB profits up 31%
In its full year 2014 results released today, Mortgage Advice Bureau revealed that revenue rose 41% to £56.6m and pre-tax profits increased by 31% to £6.88m.
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Profit before 'exceptional items' including the cost of its November IPO stood at £7.97m, up 52% from 2013.
Adviser numbers were up 22% to 634 and adjusted profit margin increased to 14.1%.
The company also announces that Lucy Tilley ACA will join the Board on 5 May 2015 as Finance Director subject to regulatory approval, on which date Paul Robinson will resign from the Board. Paul will remain as Company Secretary.
Peter Brodnicki, Chief Executive commented:
“I am pleased to report that despite the obvious time commitment by senior management that went into our successful listing on AIM in November, the Group enjoyed a record year in terms of both revenues and profits. MAB's strategy is to deliver strong revenue growth and attractive returns to investors by continuing to expand its network and leverage its scalable model.”
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