Mortgage Advice Bureau (Holdings) Plc announced a 22% increase in revenue to £117.5m in its interim results for the first half of 2023.
For the six months to June 30th, Mortgage Advice Bureau posted profits of £7.6m – down 25% on 2022.
Peter Brodnicki, chief executive of Mortgage Advice Bureau, said: “It has been an exceptionally challenging year with interest rates continuing to rise. This has clearly impacted consumer confidence, resulting in many people deciding to delay their house purchase.”
Despite these market headwinds, Brodnicki noted, “against this difficult backdrop I am pleased with how MAB has significantly outperformed the market.”
The company’s operational highlights also include a 19% increase in market share of new mortgage lending, reaching 8.1%, and a 17% increase in revenue per mainstream adviser, aided by the acquisition of Fluent.
Brodnicki remained cautiously optimistic about the rest of the year, stating, “the progress made this year in the development of new lead opportunities for Fluent and the rest of the Group will underpin our plans to deliver continued market share growth in 2024, even if difficult market conditions continue to prevail.”
