Mortgage Advice Bureau (MAB1) H1 2024 TU earnings summary

Financial performance and market share

• Revenue for H1 2024 rose 5% to £123.5m, despite a challenging market backdrop.

• Gross mortgage completions increased by 5%, with market share of new lending up to 8.2% from 8.0%.

• Average number of mainstream advisers fell 3% to 1,898, but numbers increased post-period to 1,944.

Operational developments and outlook

• Adviser numbers are rebounding, with new Appointed Representative recruitment gaining momentum.

• Activity is expected to pick up in H2 2024, with growth anticipated as ARs are recruited and adviser numbers rise.

• Significant refinancing activity is expected once interest rates begin to fall, with a 0.5% rate cut anticipated by year-end.

• Investment in technology continues to drive lead flow and adviser productivity, enhancing resilience and supporting future growth.

• A new government focus on housebuilding and market initiatives is expected to provide additional tailwinds.

Strategic commentary

• Stability is the focus for 2024, with momentum expected to build into 2025 as base rate reductions trigger market recovery.

• Record years for refinancing are anticipated in 2025/26, supported by investments in lead generation and retention.