The CEO of Mortgage Advice Bureau (MAB) is “delighted” with the business’s performance in 2021, with revenue rising.
According to a trading update for the year ended 31 December 2021, the group increased revenue to £188m, representing a 27% increase on 2020 (£148m) and a 31% increase compared to 2019 (£144m).
The Derby-based firm said the increase in revenue since 2019 is driven by the combination of a 23% increase in the average number of mainstream advisers to 1,649 over the two-year period and a 7% increase in revenue per mainstream adviser.
At 31 December 2021, total adviser numbers had grown to 1,885, an increase of 305 (or 19%) for the year (31 December 2020: 1,580).
Meanwhile the group’s adjusted profit before tax for the year is expected to be in line with Board expectations.
Peter Brodnicki, CEO of MAB, said: “I am delighted with MAB’s performance and we enter 2022 with a strong and growing pipeline of business, ARs, advisers and lead sources, and expect to have a very strong start to the year in terms of adviser numbers.
“We are delighted with the recent investments we have made which we believe will contribute strongly, along with those that have been maturing in recent years.
“MAB’s strategy of not only delivering growth in advisers, but also in adviser productivity driven by further enhancements in our technology platform, lead generation initiatives and our proposition for ARs and their advisers, will drive profitability and supports our plan for accelerated growth.”
