Full year revenue increased at Mortgage Advice Bureau (MAB) in 2022, despite the immediately negative impact of September’s mini-budget on the mortgage market.
According to a trading update for the year ended 31 December 2022, the Derby-based group grew revenue by 22% to circa £230m.
The acquisition of The Fluent Money Group on 12 July 2022 added £22m of revenue.
The company’s adjusted profit before tax for the year is anticipated to be in line with expectations.
With the start of the new year, MAB noted that current activity levels are below those seen this time last year. However, towards the very end of January there have been early signs of increasing lead volumes and written business across the group, which MAB anticipate will build steadily as borrowers gain confidence in a more stable macroeconomic and interest rate environment.
The firm said that current trading is in line with expectations.
Peter Brodnicki, CEO of MAB, said: “Despite the uncertain macroeconomic outlook, MAB remains very well positioned to grow its market share strongly again through 2023. In times like these housing transactions are typically postponed, not lost, and the opportunity these conditions generate for new AR recruitment will benefit MAB in the medium term.
“The technology we have developed to help our AR firms optimise lead flow from existing lead sources and clients will help support an H2 recovery, and boost firm and adviser performance in all market conditions. Strong and effective lead flow has a heightened importance in times where purchase activity slows.
“We anticipate a very strong year ahead for re-financing, a slow but steady improvement in consumer confidence and housing transaction levels, combined with an increase in new AR recruitment and the incremental impact of new lead generation initiatives. I am confident that whilst continuing to grow market share this year, MAB will be in a very strong position to regain significant momentum in 2024.”
