MAB to launch in Australia

In its half year results, the national mortgage broker said it expects the new joint venture to be trading before the year end under the Mortgage Advice Bureau brand.

MAB says the venture will "embrace many of the proven systems and processes adopted by MAB in the UK, with centralised lead generation, and telephone and regionally based advisers combining to deliver a comprehensive service to the Australian public".

Its results showed that half year revenues rose 38% to £43.1m with profits before tax up 34% to £5.3m from £3.9m in H1 2015.

Broker numbers have also increased by 13% from 2015 to 891 with MAB's overall market share up by 20%.
 
Since its IPO the firm has made several strategic investments including Sort Group Limited and Clear Mortgage Solutions Limited.
 
The last few months has seen MAB make two further investments in Vita and Freedom 365 to develop their specialist protection service, improve lead generation and provide scalability in telephone advice.

Peter Brodnicki, Chief Executive, commented: "I am pleased to report another strong set of results, with profit before tax up 34% and MAB’s market share increasing by 20% compared to the same period last year. After a strong start to the year, adviser productivity eased slightly in the run up to the EU referendum. From that point, we saw the usual quieter period in the housing market over the peak summer holiday months. Since the referendum, overall written business volumes have held up well, with industry data indicating that the housing market remains relatively stable.

“Our focus remains to continue to grow our market share in all market conditions."