MAB said it significantly outperformed the market, which grew 6% over the same period.
It completed £11.1bn in new lending completions, up 23% on the year before, expanding its new business market share slightly from 8.2% to 8.3%.
Increase in purchase activity
MAB said purchase completions accounted for 54% of lending in H1, up from 47% the year before, while the share of refinancing contracted from 53% to 46%.
The value of purchase completions increased by 35% to £7.7bn, while its market share stayed stable at 8.6%. MAB said this was in line with the market and driven by completions before the stamp duty change.
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The value of remortgage completions rose marginally by 3% to £3.4bn, giving MAB a market share of 8.6%, up from 8.3% in the first half of 2024.
The firm said the market was flat, but performance rose in June, with a 24% uptick compared to the average over January to May. MAB suggested this was the first of many spikes in product maturities.
The value of product transfer completions remained flat at £3.1bn, while market share grew from 2.7% to 3%.
Gross profit rises to £43.5m
MAB delivered a gross profit of £43.5m, up from £37.7m in 2024. It attributed this to house purchase activity and a 5% increase in mortgage size, leading to higher procuration fees.
This rose 22.9% to £60m in H1.
It also noted growth in specialist lending across its subsidiary Fluent.
It reported a 19.6% jump in revenue to £148.2m, owing to its “deliberate strategy” to prioritise productivity and expand adviser numbers.
MAB said all of its revenue growth was organic. This included a 14.4% uplift in protection and general insurance income, coming to £55.8m, while client fees rose 24.3% to £29.8m.
There was a 14.2% increase in the revenue generated per mainstream adviser, rising to an average of £74,600. MAB saw a 5% increase in adviser numbers, reaching 2,041.
It said productivity was mainly driven by appointed representatives (AR), while most of the adviser growth was from its invested businesses.
Moving towards MAB 2.0
MAB announced it would be entering into its next phase, MAB 2.0, with plans to double its revenue and market share. It will also use data, technology and artificial intelligence (AI) to expand its customer reach, convert leads and improve efficiency.
It also appointed Yaiza Luengo to the newly created role of chief operating officer, and she will be responsible for delivering its MAB 2.0 growth targets. She joined on 8 September.
Ben Thompson, deputy CEO, will transition into a newly created role to extend the firm’s proposition.
MAB also plans to move to the main market of the London Stock Exchange next year, which it said would give it access to a wider pool of investors and enhance its profile, with an aim of meeting the criteria for the FTSE 250 index.
The group increased its stake in Heron Financial by 25.5%, giving it a 74.5% share, and acquired AR firm Lucra Mortgages. It also made a 49% investment in The Mortgage Mum, and acquired a 51% additional stake in Evolve FS, bringing its shareholding to 100%.
MAB also plans to acquire the remaining shares in Meridian before the end of the year.
Preparing for the next stage of MAB’s journey
Peter Brodnicki, founder and chief executive of MAB, said that he was “pleased to report a strong first-half performance in 2025, supported by clear delivery of the strategic priorities and growth targets”.
“Adviser recruitment is accelerating, productivity is rising, and we are evolving our business model with technology and lead generation playing a central role in driving efficiency and future organic revenue growth.
“Over the past five years, MAB has made record investments in people and in-house technology, building a strong platform to achieve its ambitions. These efforts will be enhanced by a new data team and strategy, alongside AI-driven innovation, enabling greater lead flow, higher conversion rates, and accelerated growth. Together, these initiatives underpin MAB’s medium-term goals and position the business strongly for organic growth,” he continued.
Brodnicki said that its M&A strategy “continues to complement our AR platform model”, pointing to its majority ownership of Heron, Evolve and Meridian and its investments in The Mortgage Mum and Lucra.
“These transactions broaden our regional presence, strengthen adviser capability, deliver economies of scale, and reinforce MAB’s position at the forefront of a rapidly evolving market,” he said.
Brodnicki said that MAB welcomed the “government’s prioritisation of housebuilding and home ownership initiatives, alongside the constructive stance of financial regulators”.
“Together, these measures are beginning to foster more supportive market conditions, creating greater opportunities for first-time buyers, home movers and those seeking to refinance.
“MAB is preparing for the next stage of its journey with a planned move to the Main Market of the London Stock Exchange in 2026. This transition is expected to broaden our investor base, enhance our market profile, and position the Group for its next phase of growth. The group continues to trade in line with the Board’s expectations and remains well positioned to deliver strong, sustainable shareholder returns over the long term,” he said.
