23rd Jan 2025 11:16
Mortgage Advice Bureau Holdings PLC - Derby, England-based mortgage broker - Citing pent-up demand and an increase in mortgage applications, revenue grows 11% to around GBP266 million in 2024 from GBP239.5 million in 2023, sharply higher than the 4% growth in UK gross lending for the same period. Further, Mortgage Advice expects to report adjusted pretax profit of GBP30.5 million for 2024, a 31% surge from GBP23.2 million in 2023, and 4.5% higher than the consensus of GBP29.2 million. Mortgage Advice Bureau notes "clear signs of pent-up demand" as mortgage applications rose 15% on-year in the fourth quarter of 2024, with this momentum set to be maintained. "UK Finance forecasts gross new lending to rise 11% in 2025 in GBP235 billion, which we believe is a realistic estimate," Mortgage Advice says.
Chief Executive Officer Peter Brodnicki says: "The step up in productivity in 2024 has been very pleasing, so our focus for this year is on maintaining that momentum, supported by development in technology and AI, and our continued focus on lead generation."
The company will release 2024 results on March 18.
Current stock price: 680.00 pence each, up 7.9% on Thursday morning in London
12-month change: down 16%
By Tom Budszus, Alliance News slot editor
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