Mortgage broker reports revenue surge

Mortgage Advice Bureau has said it is “well-positioned” after reporting a surge in revenue.

New figures released by the Pride Park-based firm show that revenue increased by more than £40 million to £230.8 million for the year to 31 December, 2022.

During the year, the firm increased its number of advisers by 20% to 2,254 – with the number of mortgage completions during the period also rising by 20% to £27.3 billion.

Chief executive Peter Brodnicki said: “Despite a challenging year for mortgage intermediaries on numerous fronts, I am pleased with our 2022 performance and market share growth, with revenue up 22% and adjusted EBITDA up 15% on the prior year.

“Prior to the mini-budget in September, the group was on track for 2023 to be a record year of growth, despite an expected softening in housing transactions due to inflationary pressures.

“Although mortgage transaction levels have improved since the collapse post mini-budget, they remain circa 35% down year-to-date compared to the same period in 2022.

“MAB is performing considerably better than wider transaction numbers reflect and our market share is continuing to grow strongly.

“Current trading is in line with our expectations, and we expect a second-half weighted financial performance.”

During 2022, MAB also completed a key acquisition – buying 75% of Fluent Money Group.

Mr Brodnicki said: “2022 was a milestone year for the business in terms of proposition delivery.

“Following the acquisition of Fluent, MAB is well-positioned as a leader in the three largest sectors for mortgage lead generation, comprising estate agency, new build, and price comparison websites.

“The acquisition also extends the group’s customer reach into other specialisms, including secured loans, which alone offers significant mortgage re-financing opportunities.”

MAB also recently lifted the lid on its revamped Pride Park offices, which were designed by Office Principles.

Mr Brodnicki said: “We continue to invest in our employees, with the significant capital investment in our Derby head office providing an excellent working environment to support the accelerated growth expected in the medium term.”