Acquisition contributes additional £8m of revenue for MAB

shutterstock.com/rangizzz

Revenue has risen by 16% to £143m at Derby-based Mortgage Advice Bureau (MAB), according to a trading update for the year ended 31 December 2019.

First Mortgage Direct Limited, which was acquired on 2 July 2019, contributed an additional £8m of revenue.

According to the update, MAB increased its total number of Advisers at the year end by 20% to 1,457. 82 Advisers were brought into the Group with First Mortgage.

The firm also noted that profit before tax for the year is in line with the Board’s expectations.

Peter Brodnicki, CEO of MAB, said: “MAB has delivered another strong performance despite the prolonged political and economic uncertainties throughout 2019. We continue to deliver on our strategy to grow our market share in all conditions by investing to ensure sustainable growth whilst maintaining a strong financial position.

“We are capitalising upon our protection and lead generation initiatives to further improve performance and continue to pilot our new technology platform, with rollout to a number of our ARs in the first half of 2020. These initiatives are important recruitment drivers for ARs, Advisers and lead sources.”