Mortgage Advice Bureau says it has “significantly outperformed the market” in a new trading update for the year ended 31 December 2023.
Trading was better than anticipated in the Derby firm’s fourth quarter, and Mortgage Advice Bureau now expects to report an adjusted profit before tax slightly ahead of the current market consensus.
Meanwhile, despite a difficult market in which UK Finance’s latest estimate of gross new mortgage lending for 2023 is £226bn, representing a 28% reduction on 2022, the business increased its revenue for the year by 4% to £239m.
Peter Brodnicki, CEO of MAB, said: “2023 was an exceptionally challenging year with consumer confidence heavily impacted, resulting in many customers deciding to delay their house purchase or re-financing.
“Against this difficult backdrop I am very pleased with how MAB has significantly outperformed the market. To ensure we are in the best possible shape when market conditions improve, we have continued to invest across the entire Group to drive lead flow and deliver optimal business and adviser efficiency.
“There is a great deal to be positive about, and our technology developments and lead initiatives, including the addition of Fluent, have broadened our addressable market and strengthened our growth plans.”
