Mortgage Advice Bureau (Hldgs) PLC AGM Statement (4155A)
May 24 2023 - 1:00AM
UK Regulatory
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: +44 (0) 1332 525007
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 +44 (0)20 7260 1000
Joint Broker:
Peel Hunt LLP
Andrew Buchanan / Mike Burke +44 (0) 20 7418 8900
Media Enquiries: investor.relations@mab.org.uk
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END
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