The group said it also expects to post results later this week which perform ahead of the Board’s expectations at the time of the IPO.
According to MAB’s first trading update since listing on the Alternative Investment Market on 17 November last year, the group is driving growth through adviser recruitment and reported ‘a strong pipeline’ of ongoing discussions with potential new Appointed Representatives.
The group’s final 2014 results will be out on Thursday 26 March this week.
On Friday, the group said: “The Council of Mortgage Lenders published its latest estimate that gross mortgage lending in the UK increased in 2014 to £205.6bn from £176bn in 2013. This growth, combined with the increase in the intermediary market share post-MMR, has benefitted MAB.
It outlined the fact activity levels since the six months ended 30 June 2014 have been strong, with group revenue continuing its upward trend as it further leverages the group’s scalable model.
In the 12 months to 31 December 2014, MAB generated revenue of £57m, representing a 42% increase over 2013. At 31 December 2014, the company had a balance sheet cash position of over £9m.
Peter Brodnicki, CEO of Mortgage Advice Bureau, (pictured) said: “I believe that there has never been a better time to be a mortgage intermediary, and at MAB we are fortunate to work with some of the very best. A combination of increased lending, greater product choice and more banks entering the mortgage market has all been good news for both the consumer and the mortgage intermediary, whose market share has continued to increase.”
