Thursday, October 22, 2020

CEO praises “resilience” of Derby’s Mortgage Advice Bureau

Revenue is up at Derby-based Mortgage Advice Bureau, according to a trading update.

Revenue for the six months ended 30 June 2020 increased by 4% to £63m (H1 2019: £61m), including £6m of revenue generated by First Mortgage, which was acquired in July 2019.

Peter Brodnicki, Chief Executive Officer, said: “The pandemic has illustrated the exceptional resilience of our Group and the quality and dedication of our management team and staff. By reacting quickly and redeploying our resources to capture all possible opportunities during the peak of the crisis, we ensured that our H1 performance remained strong.

“The speed, level and quality of support delivered to our ARs and their Advisers during such unprecedented times was exceptional, bringing us even closer together and more aligned than ever.

“The lack of meaningful support received during the pandemic has led many other firms to review their relationship with their existing network. This an opportunity MAB is already capitalising on, with AR recruitment activity building very strongly.

“The extreme impact of the pandemic quickly highlighted any weaknesses that may have existed in some AR processes and business models, and our AR firms have been responding equally quickly and adapting to further strengthen performance.

“In addition, lockdown led to MAB and our ARs adopting new ways of working. We are proactively building upon these new processes as the recovery continues and believe these will bring long-lasting benefits to the Group.

“The crisis has also accelerated the development of our technology projects in many areas of the business to support these new ways of working, which will further enhance our competitive advantage.

“Despite the economic challenges that lie ahead, the strong factors that underpin housing demand, combined with existing and future Government support, cause us to be optimistic about the outlook.

“Activity levels are strong, and we are well positioned to capitalise on the recovery, whilst continuing to deliver our strategy of market share growth; technology-led operational improvements; and expansion of our addressable market.”

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