26th Jul 2018 12:23
LONDON (Alliance News) - Mortgage Advice Bureau (Holdings) PLC on Thursday reported a "strong" performance for the first half of 2018.
Revenue increased 16% to GBP57 million, largely driven by a 13% increase in the average number of advisers to 1,103 over the period compared to 974 last year.
Current trading is in line with management expectations, with the mortgage advice provider looking to deliver further growth in the remainder of the year.
"I am delighted to report another strong performance in the first half of 2018. Housing transactions have reduced slightly compared to the equivalent period last year, but overall activity in the mortgage market has increased due to product switch activity, remortgaging and first time buyers," said Chief Executive Peter Brodnicki.
Brodnicki continued: "Although product switches carry the lowest overall margin, it is in this area we have seen the most significant level of growth. Against this backdrop, I remain confident of delivering our growth plans in line with our strategy."
Shares in Mortgage Advice Bureau were down 2.0% at 662.27 pence on Thursday. The company is due to release its interim results on September 25.
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