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Mortgage Ad Share Discussion Threads
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|Forecast for FY EPS left unchanged following the results.|
|28 July 2016
Mortgage Advice Bureau (Holdings) plc
Pre-close Trading Update
Mortgage Advice Bureau (Holdings) plc (the "Company" and together with its subsidiaries, "Mortgage Advice Bureau", "MAB" or the "Group"), one of the UK's leading consumer intermediary brands and specialist Appointed Representative Networks, today issues a pre-close trading update for the six months ended 30 June 2016, ahead of publishing its interim results announcement on Wednesday, 28 September 2016(1) .
The average number of Advisers is a key driver of revenue. Following strong Appointed Representative recruitment in the first few months of the year, our total Adviser numbers at 30 June 2016 were up 13% to 891, with 101 new Advisers joining during the period. The average number of Advisers in the 12 months ended 30 June 2016 increased by 173 to 811, up 27% on the equivalent period last year(2) .
In the six months ended 30 June 2016, MAB generated revenue of GBP43 million, up 38% on the comparative period in 2015. At 30 June 2016, the Company had a strong balance sheet, with cash of over GBP16 million, including over GBP9.5 million of unrestricted cash balances.
MAB expects to complete the sale of its 49% stake in Capital Private Finance Limited shortly, after which MAB's exposure to the London market will reduce to c.6% in terms of revenue.
It is still early days following the UK referendum vote to leave the EU, however recent Rightmove data(3) concluded that "based on two weeks of post-Brexit-vote statistics...the housing market remains steady, underpinned by the same fundamentals that have led to its recovery since the last downturn". This is reflected in the feedback we are receiving from our estate agency business partners that activity from both buyers and new instructions are holding up better than anticipated.
MAB's Appointed Representative and Adviser recruitment shows no signs of slowing post the referendum outcome and our Advisers continue to focus on maximising the opportunities arising from their mortgage and protection leads. We continue to support our established Appointed Representatives with their plans to grow their local market share; there has been little or no impact on their organic growth plans post the referendum outcome. Overall, current trading is in line with the Board's expectations.
(1) The interim dividend in respect of the six months ended 30 June 2016 will be paid on 28 October 2016 and the record date is 7 October 2016.
(2) The average number of Advisers in the six months ended 30 June 2016 was 851 (2015: 671).
(3) The Rightmove House Price Index, Monday 18 July 2016.
Peter Brodnicki, CEO of Mortgage Advice Bureau (Holdings) plc, said:
"Despite early concerns in the business community post the UK referendum, there is plenty of business to be done and at MAB we are just getting on with it. Whilst Brexit might have created some headwinds for the UK economy, we remain focused on continuing to grow MAB's market share and strengthening our position as one of the UK's leading consumer intermediary brands and specialist Appointed Representative Networks."|
|Pre-close Trading update next thursday 28th could see this back to £3.00+.|
|You're ignoring the special dividends|
|Isn't the divi 9.5p i.e.3.77%|
|The fundamentals are compelling to me so bought back a few weeks ago after it had been badly hammered because of brexit.|
|Market finally woken up to how cheap this stock is. 9% yield!!|
|ouch..almost 50% down in the last two months from its highs|
|I bought in early this year at 304p and have had a roller coaster ride upto 400p and now down to 195p. I can't see that Brexit is going to totally stall the housing market and I would have thought with the possibility of lower interest rates there will be a lot of people looking to remortgage. Anyway don't see any point in selling at this level so will continue to sit it out.|
|Zeus note: Https://www.research-tree.com/company/GB00BQSBH502
"Yesterday’s update reveals “MAB has already received an unprecedented number of remortgaging enquiries from customers on its website. MAB expects the reduction in house purchase transactions that was experienced ahead of the referendum to continue until the effects of the outcome on the wider UK economy become clearer. In the meantime, MAB advisers will continue to maximise the opportunities arising from their mortgage and protection leads."|
|Yes - in H2.|
|Is there a special dividend due soon on this share?|
|gooner108 - shouldnt you declare an interest ie that you are being paid by research-tree|
|So adviser numbers up to 888 from 790 at year end, around 12.5% in 5 months.
If that run rate continues they will be way above the 20% for the year.
I see an upgrade coming :)|
|AGM Thursday 26th will hopefully spark a share price recovery.|
|£3 coming soon?|
|Notice the builders are up on Brexit fears receding but hasn't yet filtered through here. Looking very cheap on a high yield (prospective now over 6%!)|
|Just gone ex div so 9.5p there.|
|Why does this share keep bombing at close?|
|Nationwide HPI out today:
It has some interesting commentary around the activity prior to the B2L changes on 1/4. There was a big leap in transactions and mortgage lending up 42%, which must have helped MAB1. They note that there were also a big jump in cash buyers which they then kind of skim over, IMHO this will provide a second round effect in enabling sellers of two bed homes (making up a significant part of the B2L market) to trade up which will be felt further down the line and help prop up volumes post the changes.|
|IC ran part1 of an article last weekend on 'best 100 small caps', MAB was one of them:-
Mortgage Advice Bureau (MAB1) has enjoyed a stratospheric rise in share price during the past 12 months. Since floating on the junior market in 2014, the mortgage broker has benefited from the growing popularity of intermediaries, which are taking market share from banks and building societies.
Data from the Council of Mortgage Lenders (CML) predicts that UK gross new mortgage lending will grow at 8 per cent and 10 per cent in 2016 and 2017 respectively. To take advantage of this, management hopes to continue growing its network of advisers, the majority of which operate under the MAB brand, even further. The group has got off to a good start so far this year, adding 54 advisers. Management says investing in technology will continue to be an important part of driving growth this year, particularly in generating new leads for its adviser network.
Analysts at Canaccord Genuity upgraded their earnings forecasts for this year and are expecting adjusted EPS of 18.8p, representing a
13 per cent increase on last year. Plus the shares offer good income, with a forecast yield of 4.8 per cent this year. Buy. EP|
|Looks like a few massive trades late morning...
Resulting in the highest daily volume ever - by far.|
|Confused by the volume of shares traded today. The placing was for approx 7.5 million shares which should give a total of 15 million traded i.e. 7.5M sold and 7.5M bought. Actually the volume traded was much higher at 26Million. Can anyone enlighten me ??|
|In my experience the market normally indicates where the placing is. The price has been floating around 360p for most of the day.
Not holding these currently because the only things that put me off are the wide spread and high volatility. Especially intra-day.|