MAB profits up as adviser numbers rise 13%

MAB says the growth was driven primarily by a 13% increase in the average number of advisers compared to the same six months in 2018.

The total number of advisers now stands at 1,293 as of the 30th of June 2019.

The firm said that the majority of its ARs continue to hold strong growth plans for 2019 and 2020, despite a small number with direct links to the estate agency sector continuing to pause expansion plans as a result of reduced confidence amid political uncertainty.

However MAB said it had seen housing transactions taking longer to complete in the current financial year, impacting the timing of its banked revenue.

Peter Brodnicki, CEO of Mortgage Advice Bureau, said: "Despite continued political uncertainty it has been a very positive six months for MAB. After a slow first quarter we are seeing strong growth in adviser numbers, putting us firmly on track to achieve our full year objective.

"In addition, adviser numbers will be further increased in H2 by the acquisition of one of the very best performing and highly respected UK brokers, First Mortgage Direct. This has been a tremendous addition to the MAB Group, adding to the growing number of exceptional firms choosing to partner with MAB, that will play a major role in our plans to grow market share through increasing adviser numbers and productivity.

"These objectives will be supported by a programme of technology developments that will be released to our distribution in H2 and throughout 2020, as well as our plans to broaden our addressable market and customer offering.

"Against this backdrop, I remain confident of delivering our growth plans in line with our strategy."