Mortgage Advice Bureau (MAB1) H1 2025 earnings summary

Executive summary

• Revenue grew 20% year-over-year to £148.2m, driven by organic growth, increased adviser productivity, and network expansion, outpacing the UK gross mortgage lending market's 6% growth.

• Adjusted profit before tax increased 18.4% to £14.5m, with adjusted diluted EPS up 23% to 18.2p and statutory PBT up 54.8% to £9.6m.

• Adviser headcount rose 5.2% to 2,041, with revenue per adviser up 14.2% to £74.6k.

• Market share in new mortgage lending rose to 8.3%, and product transfer share increased to 3.0%.

• Strategic investments in technology, data, and AI underpin medium-term growth ambitions.

Financial highlights

• Gross profit rose 15.4% to £43.5m, with a gross margin of 29.4%.

• Administrative expenses increased 15% to £29.3m, reflecting investment in growth.

• Adjusted cash conversion remained strong at 116%, supporting ongoing debt reduction and dividends.

• Net debt reduced to £11.7m, with leverage at 0.3x.

• Interim dividend proposed at 7.2p per share, reflecting new capital allocation policy.

Outlook and guidance

• Trading momentum continued post-period, with applications up 17% year-over-year in July and August.

• Anticipated increase in refinancing volumes in H2 2025 and 2026, supported by strong lender appetite.

• Planned move to the Main Market of the London Stock Exchange in 2026.

• Group continues to trade in line with Board expectations for 2025.