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MAB's group revenue climbs 11% to £266m in 2024

MAB's group revenue climbs 11% to £266m in 2024
Anna Sagar
Written By:
Posted:
January 23, 2025
Updated:
January 23, 2025

Mortgage Advice Bureau’s (MAB's) group revenue grew by 11% year-on-year to £266m at year end 2024.

According to the latest trading update for the year ending 31 December 2024, MAB expects to report growth in adjusted profit before tax for the year of close to 31% to £30.5m. This is 4% ahead of consensus but excludes the £1.5m positive impact of capitalisation of the Midas platform.

The number of mainstream advisers rose to 1,941 during the period, up from 1,918 in 2023.

MAB said there was “lower-than-expected growth” in adviser numbers, but this was “more than offset by a significant rise in productivity”.

The average revenue per mainstream adviser increased by 12% year-on-year to £138,000.

The update added that, looking ahead, there were “clear signs of pent-up demand”, pointing to increase in mortgage applications in Q4 2024, and noted that this “positive momentum” would continue.

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MAB said the “delivery of new technology enhancements and lead generation initiatives” were expected to “drive further growth” this year and many AR firms were expecting an uptick in adviser numbers.

Peter Brodnicki (pictured), CEO of MAB, said: “Despite two challenging years in terms of UK mortgage volumes, I am very pleased with how MAB has performed. We have increased strategic spend over this period and are starting to see the benefits of this come through in the positive momentum we’re building.

“We expect purchase transactions to steadily increase over the next year, whilst several years of strong refinancing transactions will provide additional opportunities for growth.”

He continued: “We are seeing increased optimism among many of our ARs, and as a result, expect to see organic growth in adviser numbers start to return in a more meaningful way. Following a slower period in terms of new AR recruitment, we plan to onboard more firms this year while continuing to explore value-accretive acquisitions.

“The step-up in productivity in 2024 has been very pleasing, so our focus for this year is on maintaining that momentum, supported by development in technology and AI, and our continued focus on lead generation.”