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LONDON (Alliance News) - Mortgage Advice Bureau Holdings PLC said its business volumes have held up well since the UK's vote to leave the European Union, as it reported first-half profit up by more than a third.
Mortgage Advice Bureau reported pretax profit for the six months to the end of June of GBP5.3 million, up 34% from GBP3.9 million a year prior. Revenue also grew by 38% to GBP43.1 million from GBP31.2 million.
Mortgage Advice Bureau proposed an interim dividend of 7.8 pence a share, up 59% from 4.9p in 2015.
The High Street financial advisor said it grew its market share to 4.0% from 3.3% at the same date last year and ended the period with adviser numbers up 13% to 891 from 790 at the end of 2015. The company said it has since reached 921 advisers as of September 23.
Mortgage Advice Bureau added that it expects the growth in revenue per adviser to be slightly lower than anticipated for the full year but adviser numbers to be ahead of expectations, and that current trading is in line with company expectations.
Chief Executive Peter Brodnicki said: "After a strong start to the year, adviser productivity eased slightly in the run up to the EU referendum. From that point, we saw the usual quieter period in the housing market over the peak summer holiday months. Since the referendum, overall written business volumes have held up well, with industry data indicating that the housing market remains relatively stable."
Shares in Mortgage Advice Bureau were up 2.4% at 302.00 pence Wednesday.
By Adam Clark; adamclark@alliancenews.com
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