Mortgage Advice Bureau (Hldgs) PLC AGM Statement (4155A)

TIDMMAB1

RNS Number : 4155A

Mortgage Advice Bureau (Hldgs) PLC

24 May 2023

24 May 2023

Mortgage Advice Bureau (Holdings) plc ("MAB" or "the Group")

AGM Statement

Mortgage Advice Bureau (Holdings) plc (AIM:MAB1.L) will hold its Annual General Meeting at 2pm today during which the Non-Executive Chair, Katherine Innes Ker, will make the following statement:

"In an ongoing challenging environment, we continue to demonstrate the strength of MAB's model and resilience in adviser numbers and mortgage completions against a significantly weaker market backdrop. This positions the Group well for subsequent market recovery.

"Our Adviser numbers have stabilised in Q2 at 2,122(1) advisers on 19 May 2023. We expect our existing Appointed Representative firms to start growing their adviser numbers again later in the year, most likely as consumer confidence improves further when there is more certainty around the outlook for mortgage interest rates and our firms can plan with a greater degree of certainty. Our pipeline of incoming new Appointed Representatives has grown strongly this year.

"As expected, the value of completions in the wider market was slower in Q1 2023 with a 21% reduction in new mortgage lending(2) compared to last year. MAB's total mortgage completions for Q1 2023 were broadly stable at GBP5.8bn (2022: GBP5.9bn). Our new mortgage completions were GBP4.4bn (2022: GBP4.9bn) with the balance of GBP1.4bn (2022: GBP1.0bn) being Product Transfers. We have continued to grow our market share, which has been achieved despite a reduction in the number of advisers since Q4 2022.

"During the six months following the mini-budget, new mortgage approvals across the market were down by as much as 40% versus the prior year. There are early signs of increasing activity and mortgage approval levels have now gradually started to improve, but remain significantly lower than for the equivalent period last year.

"MAB's performance, despite challenging market conditions, remains in line with the Board's expectations with further improvement expected in the second-half of the year."

(1) Includes 139 Fluent advisers as at 19 May 2023 (76 advisers in the first charge mortgages division, 49 in the secured personal loans division, 8 in the later life division, and 6 in the bridging finance division). Includes a total of 183 advisers at 19 May 2023 who are later life advisers or advisers in directly authorised firms that use MAB's subsidiary, Auxilium, a specialist protection service provider, for protection. For both later life and directly authorised advisers the fees received by MAB represent the net income received by MAB as there are no commission payouts made by MAB.

(2) UK Finance, product transfer lending figures not available until 7 June.

Enquiries:

 
Mortgage Advice Bureau (Holdings) Plc                            Tel: [phone] 
 
  Peter Brodnicki - Chief Executive Officer 
Ben Thompson - Deputy Chief Executive Officer 
Lucy Tilley - Chief Financial Officer 
 
 
 
Nominated Adviser and Joint Broker: 
 Numis Securities Limited 
 Stephen Westgate / Giles Rolls          [phone] 
Joint Broker: 
 Peel Hunt LLP 
 Andrew Buchanan / Mike Burke           [phone] 
 

Media Enquiries: [e-mail]

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

AGMSEDFWDEDSEEI

(END) Dow Jones Newswires

May 24, 2023 02:00 ET (06:00 GMT)